On the Testing of Ground-­Motion Prediction Equations against Small-­Magnitude Data

HAL Id: hal-00763584

https://hal.archives-ouvertes.fr/hal-00763584

Submitted on 12 Dec 2012

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

On the Testing of Ground-Motion Prediction Equations against Small-Magnitude Data

Céline Beauval, Hilal Tasan, Aurore Laurendeau, Elise Delavaud, Fabrice Cotton, Philippe Guéguen, Nicolas Kuehn

To cite this version:

Céline Beauval, Hilal Tasan, Aurore Laurendeau, Elise Delavaud, Fabrice Cotton, et al.. On the Testing of Ground-Motion Prediction Equations against Small-Magnitude Data. Bulletin of the Seismological Society of America, Seismological Society of America, 2012, 102 (5), pp.1994-2007.

�10.1785/0120110271�. �hal-00763584�

!"#$%#&'"('#&)'

! !

!

"#!$%&!'&($)#*!+,!-.+/#012+$)+#!3.&0)4$)+#!56/7$)+#(!7*7)#($!897::1 27*#)$/0&!;7$7!

"#!$%&'(&)*!+#!,&-&.*!/#!0&'1%.2%&'*!3#!4%)&(&'2*!5#!"6776.*!89#!:';<'%.*!&.2!=#!>'%9.!

/??%@7%2!A61!@'B)C?&7C6.!C.!$DD/!

/@1C)!E

*!EFGE!

!

?611%-@6.2C.<!&'7961H!

";)C.%!$%&'(&)!

ID,%11%!

$@!JK!

KLFMG!:1%.6B)%!"%2%N!O!

5P/="3!

"%)C.%#$%&'(&)Q6B-#'RAS<1%.6B)%#A1!

,%)H!FF!KK!TFUM!VW!WK!JE!FL!

!

<=($.74$!

:16'.2SX67C6.! @1%2C?7C6.! %Y'&7C6.-! T:Z83U! &1%! %--%.7C&)! C.! @16B&BC)C-7C?! -%C-XC?! 9&[&12!

-7'2C%-!A61!%-7CX&7C.<!79%!<16'.2!X67C6.-!<%.%1&7%2!B\!79%!-%C-XC?!-6'1?%-#!I.!)6]!-%C-XC?C7\!

1%<C6.-*! 6.)\! ]%&^! X67C6.-! &1%! &(&C)&B)%! C.! 79%! )CA%7CX%! 6A! &??%)%16X%71C?! .%7]61^-*! &.2! 79%!

%Y'&7C6.-! -%)%?7%2! A61! 79%! @16B&BC)C-7C?! -7'2C%-! &1%! '-'&))\! X62%)-! %-7&B)C-9%2! A16X! A61%C<.!

2&7&#!/)796'<9!X6-7!<16'.2SX67C6.!@1%2C?7C6.!%Y'&7C6.-!9&(%!B%%.!2%(%)6@%2!A61!X&<.C7'2%-!

J! &.2! &B6(%*! 79%! XC.CX'X! X&<.C7'2%! 6A7%.! '-%2! C.! @16B&BC)C-7C?! -7'2C%-! C.! )6]! -%C-XC?C7\!

1%<C6.-!C-!-X&))%1#!4%-&<<1%<&7C6.-!9&(%!-96].!79&7*!&7!1%7'1.!@%1C62-!6A!%.<C.%%1C.<!C.7%1%-7*!

X&<.C7'2%-!)6]%1!79&.!J!?&.!B%!?6.71CB'7C.<!76!79%!9&[&12#!,9C-!@&@%1!@1%-%.7-!79%!7%-7C.<!6A!

-%(%1&)! :Z83-! -%)%?7%2! C.! ?'11%.7! C.7%1.&7C6.&)! &.2! .&7C6.&)! @16B&BC)C-7C?! @16R%?7-! &<&C.-7!

]%&^! X67C6.-! 1%?612%2! C.! 51&.?%! TGOG! 1%?612C.<-! ]C79! -6'1?%S-C7%! 2C-7&.?%-! '@! 76! KFF^X*!

K#L_Z

_M#JU#! ,9%! X%7962! C-! B&-%2! 6.! 79%! )6<)C^%)C9662! (&)'%! @16@6-%2! B\! D?9%1B&'X! %7! &)#!

TEFFOU#!,9%!B%-7!AC77C.<!X62%)-!T&@@16NCX&7%)\!E#J_00+_K#JU!6(%1!79%!]96)%!A1%Y'%.?\!1&.<%!

&1%! 79%! "&'[[C! &.2! 5&??C6)C! TEFFLU*! /^^&1! &.2! $6XX%1! TEFGFU! &.2! /B1&9&X-6.! &.2! DC)(&!

TEFFLU! X62%)-#! =6! -C<.CAC?&.7! 1%<C6.&)! (&1C&7C6.! 6A! <16'.2! X67C6.-! C-! 9C<9)C<97%2*! &.2! 79%!

X&<.C7'2%! -?&)C.<! ?6')2! B%! @1%26XC.&.7! C.! 79%! ?6.716)! 6A! <16'.2SX67C6.! &X@)C7'2%-#!

5'179%1X61%*!]%!7&^%!&2(&.7&<%!6A!&!1C?9!`&@&.%-%!2&7&-%7!76!1'.!7%-7-!6.!1&.26X)\!-%)%?7%2!

)6]SX&<.C7'2%!-'B-%7-*!&.2!?9%?^!79&7!&!2&7&-%7!6A!aGOF!6B-%1(&7C6.-*!-&X%!-C[%!&-!79%!51%.?9!

2&7&-%7*! C-! )&1<%! %.6'<9! 76! 6B7&C.! -7&B)%! 00+! %-7CX&7%-#! /22C7C6.&))\! ]%! @%1A61X! 79%! 7%-7-!

&<&C.-7!)&1<%1!X&<.C7'2%-!TJSVU!A16X!79%!`&@&.%-%!2&7&-%7#!,9%!1&.^C.<!6A!X62%)-!C-!@&17C&))\!

X62CAC%2*! C.2C?&7C.<! &! X&<.C7'2%! -?&)C.<! %AA%?7! A61! -6X%! 6A! 79%! X62%)-*! &.2! -96]C.<! 79&7!

%N71&@6)&7C.<!7%-7C.<!1%-')7-!6B7&C.%2!A16X!)6]!X&<.C7'2%!1&.<%-!76!9C<9%1!X&<.C7'2%!1&.<%-!

C-!.67!-71&C<97A61]&12#!!

!

>#$.+0/4$)+#!

!"#$%#&'"('#&)'

" ! /! @16B&BC)C-7C?! -%C-XC?! 9&[&12! &.&)\-C-! T8D+/U! C-! '-'&))\! ?&11C%2! 6'7! 76! %-7&B)C-9! &! .&7C6.&)!

-%C-XC?! B'C)2C.<! ?62%#! D'?9! &.&)\-C-! 1%)C%-! 6.! 79%! C2%.7CAC?&7C6.! 6A! 79%! -%C-XC?! -6'1?%-! T-C[%*!

)6?&7C6.! &.2! 6??'11%.?%! @16B&BC)C7\U! &.2! 79%! %-7CX&7C6.! 6A! 79%C1! ?&@&?C7\! 76! @162'?%! <16'.2S X67C6.-#! /! <16'.2SX67C6.! @1%2C?7C6.! %Y'&7C6.! T:Z83U! C-! .%?%--&1\! A61! %-7CX&7C.<! 79%!

?6.2C7C6.&)! @16B&BC)C7\! 79&7*! CA! 79%! %&179Y'&^%! 6??'1-*! &! <C(%.! &??%)%1&7C6.! 791%-96)2! ?&.! B%!

%N?%%2%2!&7!79%!-C7%!6A!C.7%1%-7#!,9%!XC.CX'X!X&<.C7'2%!'-%2!C.!8D+/!-7'2C%-!(&1C%-!A16X!J!

26].! 76! M*! &.2! %(%.! )6]%1! (&)'%-! C.! (%1\! )6]! -%C-XC?C7\! 1%<C6.-! -'?9! &-! D?&.2C.&(C&.!

?6'.71C%-#! 4%-&<<1%<&7C6.! -7'2C%-! -96]! 79&7! 79%! ]96)%! 1&.<%! 6A! X&<.C7'2%-! ?6.-C2%1%2!

?6.71CB'7%-! 76! 79%! 8D+/*! ]C79! 79%! B&1\?%.71%! 6A! 79%! ?6.71CB'7C6.-! 2%@%.2C.<! 6.! 79%! 1%7'1.!

@%1C62! ?6.-C2%1%2! &.2! 79%! -%C-XC?C7\! )%(%)! 6A! 79%! 1%<C6.#! $%&'(&)! %7! &)#! TEFFW*! EFFLU! -96]%2!

79&7! C.! 79%! &?7C(%! @&17-! 6A! 51&.?%*! X&<.C7'2%-! ?6.71CB'7C.<! 79%! X6-7! &7! MVJ! \%&1-! &1%! C.! 79%!

C.7%1(&)!bJSJ#Jc*!B'7!X&<.C7'2%-!M!76!J!&1%!&)-6!1%-@6.-CB)%!A61!&!.6.S.%<)C<CB)%!?6.71CB'7C6.!76!

79%! 9&[&12! %(%.! A61! 1%7'1.! @%1C62-! &-! )&1<%! &-! GF*FFF! \%&1-#! ,9%1%A61%*! 79%1%! C-! &! .%%2! A61!

1%)C&B)%!@1%2C?7C6.-!6A!<16'.2SX67C6.!&X@)C7'2%-!6(%1!79%!]96)%!X&<.C7'2%!1&.<%#!!

,6!2%(%)6@!&!16B'-7!:Z83*!&!)&1<%!&??%)%16X%71C?!2&7&-%7!C-!1%Y'C1%2!?6.7&C.C.<!&!]C2%!1&.<%!

6A!X&<.C7'2%-!&.2!-6'1?%S76S-C7%!2C-7&.?%-#!I.!)6]S-%C-XC?C7\!1%<C6.-!-'?9!&-!51&.?%*!79%!B')^!

6A!79%!2&7&!?6.-C-7-!C.!)6]!X&<.C7'2%!1%?612C.<-!TZ

dM#JU#!D%(%1&)!-7'2C%-!-96]%2!79&7*!2'%!76!

X&<.C7'2%S-?&)C.<! @16B)%X-*! %Y'&7C6.-! B&-%2! 6.! )6]SX&<.C7'2%! 2&7&-%7-! &1%! .67! &B)%! 76!

?611%?7)\!@1%2C?7!79%!<16'.2!X67C6.-!6A!X62%1&7%S76S)&1<%!X&<.C7'2%-!TZ

!!J*!-%%!e6'.<-!%7!

&)#!GOOJ*!$6XX%1!%7!&)#!EFFV*!"6776.!%7!&)#!EFFLU#!,9%!-6)'7C6.!@16@6-%2!'@!76!.6]!C-!76!-%)%?7!

79%! :Z83-! &X6.<! @'B)C-9%2! %Y'&7C6.-! %-7&B)C-9%2! A16X! -716.<! X67C6.-! 1%?612%2! C.! 9C<9%1!

-%C-XC?C7\! 1%<C6.-! T%C79%1! <)6B&)! 61! 1%<C6.S-@%?CAC?! X62%)-*! $6XX%1! %7! &)#! EFGFU#! ,9%! )&1<%!

X&R61C7\! 6A! 79%-%! %Y'&7C6.-! 9&(%! B%%.! 2%(%)6@%2! A61! X&<.C7'2%! AC(%! &.2! &B6(%! T46'<)&-*!

EFGGU#! ,9C-! C-! 79%! ?&-%! A61! &))! :Z83-! -%)%?7%2! ]C79C.! 79%! D+/P3! @16R%?7! A61! &@@)C?&7C6.! C.!

?1'-7&)! &?7C(%! 1%<C6.-! T-%%! 4%)&(&'2*! "6776.! %7! &)#*! EFGEU#! ,9%! X&C.! 6BR%?7C(%! 6A! 79%! D+/P3!

TD%C-XC?!+&[&12!+&1X6.C[&7C6.!C.!3'16@%U!@16R%?7!C-!76!@16(C2%!&!-%C-XC?!9&[&12!X62%)!A61!79%!

3'16SZ%2C7%11&.%&.! 1%<C6.#! I.! 8D+/! -7'2C%-! )%2! C.! )6]S-%C-XC?C7\! 1%<C6.-*! 79%! '-%! 6A! X62%)-!

B&-%2!6.!&))6<%.%6'-!2&7&!&.2!2%(%)6@%2!A61!X&<.C7'2%!Z

!!J!1%)\!6.!7]6!&--'X@7C6.-H!GU!A61!

79%!-&X%!X&<.C7'2%!&.2!-&X%!2C-7&.?%*!79%!<16'.2!X67C6.-!@162'?%2!26!.67!(&1\!X'?9!A16X!

6.%! -9&))6]! &?7C(%! 1%<C6.! 76! 79%! 679%1f! EU! 79%! X62%)-! %-7&B)C-9%2! A16X! X62%1&7%S76S)&1<%!

X&<.C7'2%-!9&(%!79%!&BC)C7\!76!@1%2C?7!&X@)C7'2%-!6A!X67C6.-!@162'?%2!B\!)6]%1!X&<.C7'2%-#!!

,9%!AC1-7!&--'X@7C6.*!79%!1%<C6.&)!(&1C&BC)C7\!6A!<16'.2!X67C6.-!C-!&!?'11%.7)\!-716.<)\!2%B&7%2!

C--'%*! X&C.)\! 2'%! 76! 79%! ?'11%.7! )&?^! 6A! 2&7&#! ,9%! C--'%! ]C))! B%! ?6X@)%7%)\! -6)(%2! 6.)\! ]9%.!

)6?&)! X62%)-! ]C))! B%! &(&C)&B)%! C.! &))! ?1'-7&)! 1%<C6.-f! 96]%(%1! 79C-! ]C))! .67! 9&@@%.! C.! &! .%&1!

A'7'1%! TD7&AA612! %7! &)#*! EFFVU#! D6X%! &'7961-! B%)C%(%! 79&7! <16'.2! X67C6.-! 26! .67! (&1\! X'?9!

1%<C6.&))\*!&7!)%&-7!A61!X62%1&7%S76S)&1<%!X&<.C7'2%-*!&-!)6.<!&-!79%!-&X%!7%?76.C?!%.(C16.X%.7!

C-! ?6.-C2%1%2! T$6XX%1! EFFWf! D7&AA612! %7! &)#! EFFVU#! I.! A&?7*! &))! <)6B&)! X62%)-! B&-%2! 6.! &!

2&7&B&-%!C.?)'2C.<!2&7&!A16X!2CAA%1%.7!1%<C6.-!6A!79%!]61)2!&1%!&--'XC.<!79&7!<16'.2!X67C6.-!

&1%! .67! 1%<C6.&))\! 2%@%.2%.7! T%#<#! 79%! =:/! X62%)-*! =%N7! :%.%1&7C6.! /77%.'&7C6.! X62%)-*!

/B1&9&X-6.!%7!&)#!EFFLU#!g.!79%!6@@6-C7%*!-6X%!&'7961-!9&(%!9C<9)C<97%2!-C<.CAC?&.7!1%<C6.&)!

2%@%.2%.?%! T%#<#! 0'[C! %7! &)#! EFFW! A61! X62%1&7%! X&<.C7'2%-! C.! I7&)\U*! 96]%(%1! 6A7%.! B&-%2! 6.!

1%-71C?7%2! 1%<C6.&)! 2&7&-%7-#! 561! )6]! X&<.C7'2%-*! 2CAA%1%.7! 1%?%.7! @'B)C?&7C6.-! -96]!

-7&7C-7C?&))\! -C<.CAC?&.7! 1%<C6.&)! 2CAA%1%.?%-! C.! <16'.2! X67C6.-! T%#<#! /7^C.-6.! &.2! Z611C--6.!

EFFO*! "9C6'! %7! &)#! EFGF*! 61! $&^'.! &.2! D?677C! EFFW! B&-%2! 6.! X&?16-%C-XC?! C.7%.-C7C%-U*! ]9C)%!

679%1-!2C2!.67!%(C2%.?%!-'?9!2C-?1%@&.?\!T46'<)&-!EFFMU#!/7^C.-6.!&.2!Z611C-6.!TEFFOU!&.2!

"9C6'!%7!&)#!TEFGFU!A6'.2!79&7!<16'.2SX67C6.!&X@)C7'2%-!A16X!-X&))!%&179Y'&^%-!C.!.6179%1.!

"&)CA61.C&! &1%! )6]%1! 6.! &(%1&<%! 79&.! 796-%! A61! -6'79%1.! "&)CA61.C&#! ,9%\! 6B-%1(%2! 79&7! 79%-%!

2CAA%1%.?%-!&1%!.6!)6.<%1!-C<.CAC?&.7!A61!X&<.C7'2%-!)&1<%1!79&.!aW#!,9%!<16'.2!X67C6.-!A16X!

-X&))%1! %&179Y'&^%-! X&\! B%! X61%! -%.-C7C(%! 76! 2CAA%1%.?%-! C.! ?1'-7&)! -71'?7'1%*! 61! C.! ?1'-7&)!

-71%--! -7&7%-#! /-! -71%--! 216@-! 6A! -X&))! %&179Y'&^%-! -96]! 76! B%! X&<.C7'2%S2%@%.2%.7*! 79%!

1%<C6.&)!2%@%.2%.?%!6A!79%!&(%1&<%!-71%--!216@!?6')2!1%-')7!C.!2CAA%1%.7!<16'.2!X67C6.-!T"9C6'!

!"#$%#&'"('#&)'

# !

%7! &)#! EFGFU#! $%-C2%-*! &-! -71%--! C-! 2%@%.2%.7! 6.! 2%@79*! 79%! A6?&)! 2%@79! 6A! -X&))! X&<.C7'2%!

%&179Y'&^%-!XC<97!&)-6!@)&\!&!-C<.CAC?&.7!16)%!C.!79%!-?&)C.<!6A!<16'.2!X67C6.-#!!

,9%! -%?6.2! &--'X@7C6.! 1%-C2%-! C.! 79%! ]&\! 79%! X62%)-! &??6'.7! A61! 79%! -?&)C.<! 6A! <16'.2!

X67C6.-! ]C79! X&<.C7'2%#! 56))6]C.<! $6XX%1! %7! &)#! TEFGFU! -%)%?7C6.! ?1C7%1C&*! &! X62%)! -96')2!

C.?)'2%! .6.S)C.%&1! -?&)C.<! 6A! <16'.2SX67C6.! &X@)C7'2%-! ]C79! X&<.C7'2%#! IA! 79%! ]

! -6'1?%!

X62%)! C-! &--'X%2*! 79%! ?61.%1! @%1C62! 6A! 79%! -@%?71'X! (&1C%-! ]C79! 79%! X&<.C7'2%*! &.2! 79%!

-?&)C.<! )&]! 6A! 79%! -6'1?%! -@%?71'X! &X@)C7'2%! B%?6X%-! &! .6.S)C.%&1! A'.?7C6.! 6A! X&<.C7'2%!

T5'^'-9CX&*! GOOWU#! ,9%! -?&)C.<! 1%)&7C6.! 6A! 79%! -@%?71'X! &X@)C7'2%! ]C79! Z

! ?&.! B%!

&@@16NCX&7%2! &-! &! Y'&21&7C?! A'.?7C6.*! &.2! 79%! ?6%AAC?C%.7! 6A! 79%! Z

! 7%1X! -96')2! B%! .%<&7C(%*!

CX@)\C.<! 79&7! 79%! 1&7%! 6A! 2%?1%&-%! C.! -@%?71&)! &X@)C7'2%! ]C79! 2%?1%&-C.<! X&<.C7'2%! C-!

&??%.7'&7%2! T%#<#! h9&6! %7! &)#! EFFW*! $C.2C! %7! &)#! EFFOU#! +6]%(%1*! 79%-%! ?6.-71&C.7-! 6.! 79%!

X&<.C7'2%!-?&)C.<!26!.67!%.&B)%!79%!%N71&@6)&7C6.!6A!:Z83-!&7!79%!)CXC7-!61!B%\6.2!79%C1!1&.<%!

6A! &@@)C?&BC)C7\! T$6XX%1! %7! &)#! EFFVU#! ,9C-! C.&BC)C7\! 9&-! 2CAA%1%.7! @67%.7C&)! 61C<C.H! 79%!

X&<.C7'2%! -?&)C.<! 6A! <16'.2! X67C6.-! 79&7! 2%?1%&-%-! ]C79! C.?1%&-C.<! X&<.C7'2%*! 79%! -716.<%1!

2%?&\! 6A! -X&))SX&<.C7'2%! X67C6.-! ]C79! 1%-@%?7! 76! )&1<%1SX&<.C7'2%! X67C6.-*! &.2i61! 79%!

-?&)C.<!6A!79%!-71%--!216@!]C79!X&<.C7'2%!T"6776.!%7!&)#!EFFLf!/7^C.-6.!&.2!$661%!EFGGU#!I.!79%!

=:/! X62%)-*! &'7961-! @16@6-%2! X61%! ?6X@)%N! X&<.C7'2%! -?&)C.<! T%#<#! BC)C.%&1*! 71C)C.%&1U*! B'7!

-7C))! 79%-%! %Y'&7C6.-! 2%1C(%2! A16X! )&1<%1SX&<.C7'2%! %&179Y'&^%! 1%?612C.<! ?&.! 6(%1%-7CX&7%!

79%! <16'.2! X67C6.-! @162'?%2! B\! -X&))%1SX&<.C7'2%! %(%.7-! T/7^C.-6.! &.2! Z611C--6.! EFFOU#!

$6XX%1! %7! &)#! TEFFVU! ?6.?)'2%! 79&7! A61! X62%)C.<! 79%! X&<.C7'2%! -?&)C.<! 6(%1! &.! %N7%.2%2!

1&.<%*!79C-!-?&)C.<!?6')2!B%!)C.%&1!&7!)6]!X&<.C7'2%-!&.2!79%.!&))6]!A61!&!Y'&21&7C?!A&))S6AA!C.!

-)6@%! 6(%1! 79%! '@@%1! 1&.<%#! ,9%\! &1%! ?'11%.7)\! ]61^C.<! 6.! C7! 76! '.2%1-7&.2! ]9C?9! &@@16&?9!

]6')2!B%!79%!B%-7#!"9C6'!%7!&)#!TEFGFU!&.2!/7^C.-6.!&.2!$661%!TEFGGU!@16(C2%2!&.!'@2&7%!6A!

79%C1! =:/! X62%)-! %N7%.2%2! 76! )6]%1! X&<.C7'2%-! T26].! 76! K#FU! B&-%2! 6.! 2&7&! A16X! ]%-7%1.!

=6179!/X%1C?&!TX%2C&.!&X@)C7'2%-!&1%!'@2&7%2!A61!K!A1%Y'%.?C%-U#!I7!C-!.67!^.6].!\%7!CA!79%-%!

X62CAC%2!X62%)-!&1%!@1%2C?7C.<!?611%?7)\!)6]SX&<.C7'2%!<16'.2SX67C6.-!%)-%]9%1%#!!

3/.?+(&(!+,!$%&!($/0@!

I.! 79%! -9617! 7%1X*! %N?%@7! A16X! 79%-%! 7]6! &A61%X%.7C6.%2! X62%)-*! 1%)C&B)%! %Y'&7C6.-! A61!

@1%2C?7C.<! <16'.2SX67C6.! &X@)C7'2%-! A16X! (%1\! )6]! 76! )&1<%! X&<.C7'2%-! 26! .67! %NC-7#!

,9%1%A61%*!79%!@'1@6-%!6A!79%!@1%-%.7!-7'2\!C-!76!7%-7!79%!X62%)-!-%)%?7%2!C.!D+/P3!6.!79%!)6]S X&<.C7'2%!2&7&-%7!&(&C)&B)%!A61!79%!51%.?9!&??%)%16X%71C?!.%7]61^#!!,9%!AC1-7!&CX!C-!76!%(&)'&7%!

96]!79%-%!X62%)-!@%1A61X!6.!)6]SX&<.C7'2%!<16'.2!X67C6.-!TZ!M!76!JU*!C.!&!X&<.C7'2%!1&.<%!

79&7!C-!?6.71CB'7C.<!C.!8D+/!%-7CX&7%-!6B7&C.%2!C.!79C-!1%<C6.#!,9%!-%?6.2!&CX!C-!76!&.&)\[%!79%!

1%-')7-! C.! 7%1X-! 6A! 1%<C6.&)! (&1C&BC)C7\! 6A! <16'.2! X67C6.-*! ^%%@C.<! C.! XC.2! 79&7! 79%!

C.7%1@1%7&7C6.! ]C))! B%! )CXC7%2! &-! B679! &A61%X%.7C6.%2! @16B)%X-! T.&X%)\! X&<.C7'2%! -?&)C.<!

&.2!1%<C6.&)!(&1C&7C6.U!&1%!@)&\C.<!&!16)%!&.2!?&..67!B%!&.&)\[%2!-%@&1&7%)\#!

,9%!AC1-7!7%-7C.<!6A!:Z83-!&<&C.-7!]%&^!X67C6.-!1%?612%2!C.!&?7C(%!1%<C6.-!6A!j%-7%1.!3'16@%*!

'-C.<!&!1%@162'?CB)%!7%?9.CY'%*!]&-!@16@6-%2!B\!D?9%1B&'X!%7!&)#!TEFFMU!&.2!&@@)C%2!C.!7]6!

A6))6]C.<!-7'2C%-!T416'%7!%7!&)#*!EFFV!&.2!+C.7%1-B%1<%1!%7!&)#!EFFVU#!D?9%1B&'X!%7!&)#!TEFFMU!

@16@6-%2!&!)C^%)C9662SB&-%2!7%?9.CY'%!76!1&.^!X62%)-!&??612C.<!76!79%C1!AC7!76!6B-%1(%2!2&7&*!

7916'<9!&!?&7%<61C[&7C6.!-?9%X%#!,9%\!C))'-71&7%2!79%!X%7962!6.!79%!1%?612-!6A!&!'.CY'%!%(%.7*!

79%! D&C.7! 4C;! %&179Y'&^%! TEEiFEiEFFK*! Z

! M#J! &??612C.<! 76! 416'%7! %7! &)#! EFGFU*! &7! GK! 16?^!

-7&7C6.-#!+C.7%1-B%1<%1!%7!&)#!TEFFVU!@%1A61X%2!&.!'@2&7%!6A!79C-!-7'2\*!'-C.<!79%!-&X%!X%7962!

&@@)C%2!6.!&??%)%1&7C6.!1%?612-!A16X!AC(%!%&179Y'&^%-!TZ

!K#W!76!J#GU!C.!79%!B612%1!1%<C6.!6A!

:%1X&.\*!51&.?%!&.2!D]C7[%1)&.2*!1%-')7C.<!C.!&!2&7&-%7!X&2%!6A!WG!1%?612-!]C79!2C-7&.?%-!'@!

76!KFF!^X#!416'%7!%7!&)#!TEFFVU!'-%2!GJ!&??%)%16X%71C?!1%?612-!6B7&C.%2!C.!79%!8\1%.%%-!A16X!

791%%!%&179Y'&^%-!TZ

!K#V*!K#V!&.2!K#OU#!!I.!79%-%!-7'2C%-*!16'<9)\!79%!-&X%!-%7!6A!:Z83-!]&-!

7%-7%2*! 1%?612C.<-! &7! 16?^! ]%1%! ?6.-C2%1%2! &.2! &))! A1%Y'%.?C%-! &(&C)&B)%! ]%1%! XCN%2! C.! 79%!

7%-7C.<#!,9%!1%-')7C.<!B%-7SAC77C.<!:Z83-!]%1%!X62%)-!2%1C(%2!A16X!2CAA%1%.7!7%?76.C?!?6.7%N7*!

!"#$%#&'"('#&)'

$ ! 3'16@%&.*! j%-7%1.! kD*! 61! `&@&.%-%#! ,9%1%A61%*! 79%-%! @1%(C6'-! -7'2C%-! 2C2! .67! 9C<9)C<97!

1%<C6.&)!(&1C&7C6.-!6A!<16'.2!X67C6.-*!B'7!79%!1%-')7-!]%1%!C.7%1@1%7%2!]C79!<1%&7!?&'7C6.*!&-!

79%! 2&7&-%7-! ]%1%! Y'C7%! 1%-71C?7%2#! ,9%\! @6-%2! 79%! @16B)%X! 6A! 7%-7C.<! :Z83D! 2%1C(%2! A16X!

%&179Y'&^%-!]C79!)&1<%1!X&<.C7'2%-!79&.!&(&C)&B)%!C.!79%!2&7&-%7-#!,9%!?'11%.7!-7'2\!C.?)'2%-!

79%!2&7&-%7!6A!416'%7!%7!&)#!TEFFVU*!&-!]%))!&-!@&17!6A!79%!&??%)%16X%71C?!2&7&!'-%2!C.!D?9%1B&'X!

%7! &)#! TEFFMU! &.2! +C.7%1-B%1<%1! %7! &)#! TEFFVU#! :Z83-! 9&(%! %(6)(%2! &! )67*! &.2! C.! 79%! A6))6]C.<!

.6.%! 6A! 79%! :Z83-! 7%-7%2! C.! 79%-%! @1%(C6'-! -7'2C%-! ]C))! B%! '-%2! &-! 79%\! &))! 9&(%! B%%.!

-'@%1-%2%2#!

,9%! X%7962! ?96-%.! 9%1%! A61! Y'&.7CA\C.<! 79%! <662.%--S6ASAC7! 6A! &! :Z83! 76! &! 2&7&-%7! C-! 79%!

D?9%1B&'X! %7! &)#! TEFFOU! 7%?9.CY'%! T2%7&C)%2! C.! 79%! -%?7C6.! Z%7962! A61! 7%-7C.<! :Z83-! &<&C.-7!

6B-%1(&7C6.-U#! ,9C-! X%7962! C-! .%]! &.2! 9&-! .67! B%%.! ]C2%)\! &@@)C%2! \%7*! 9%.?%! ]%! @16@6-%!

-\.79%7C?! 7%-7-! 76! %(&)'&7%! 79%! X%&.C.<! 6A! 79%! l00+m! (&)'%! 1%A)%?7C.<! 79%! AC7! B%7]%%.! &! X62%)!

&.2!79%!2&7&#!/.679%1!C--'%!]9C?9!C-!.67!?)%&1!\%7!C-!79%!XC.CX'X!.'XB%1!6A!2&7&!1%Y'C1%2!A61!

79%!D?9%1B&'X!%7!&)#!TEFFOU!X%7962!76!\C%)2!-7&B)%!1%-')7-#!/@@)\C.<!79%!7%?9.CY'%!6.!&!<C(%.!

2&7&-%7*!]%!9&(%!.6!&1<'X%.7!A61!-7&7C.<!79&7!79%!1%-')7-!&1%!C.2%@%.2%.7!6.!79%!-&X@)%*!61!?&.!

B%! ?6.-C2%1%2! &-! 1%@1%-%.7&7C(%! 6A! 79%! 1%<C6.! C.! 79C-! X&<.C7'2%! 1&.<%#! ,9%1%A61%*! C.! 79%! )&-7!

@&17! 6A! 79%! @&@%1*! ]%! 7&^%! &2(&.7&<%! 6A! &! `&@&.%-%! 2&7&-%7! 76! @16@6-%! &.! &.-]%1! 76! 79C-!

Y'%-7C6.#! /-! 79%! `&@&.%-%! 2&7&-%7! %N7%.2-! 6(%1! &! ]C2%! X&<.C7'2%! 1&.<%*! 79%! Y'%-7C6.! 6A! 79%!

X&<.C7'2%!-?&)C.<!C-!&)-6!&221%--%2*!B\!?6X@&1C.<!1%-')7-!6B7&C.%2!A16X!)6]!&.2!X62%1&7%S76S )&1<%!X&<.C7'2%!2&7&-%7-#!!

2&$%+0!,+.!$&($)#*!-235(!7*7)#($!+=(&.A7$)+#(!

,9%! 1%?%.7! X%7962! C.7162'?%2! B\! D?9%1B&'X! %7! &)#! TEFFOU! C-! ?96-%.! A61! 7%-7C.<! 79%! X62%)-!

&<&C.-7! 79%! 2&7&#! D?9%1B&'X! %7! &)#! TEFFOU! @16(C2%-! &! 1&.^C.<! ?1C7%1C6.! B&-%2! 6.! C.A61X&7C6.!

79%61\!T-%%!79%!61C<C.&)!@&@%1!A61!&!2%7&C)%2!2%-?1C@7C6.!6A!79%!79%61\!B%9C.2U#!,9C-!7%?9.CY'%!C-!

B&-%2! 6.! 79%! @16B&BC)C7\! A61! &.! 6B-%1(%2! <16'.2! X67C6.! 76! B%! 1%&)C[%2! '.2%1! 79%! 9\@679%-C-!

79&7!&!X62%)!C-!71'%#!I7!@16(C2%-!6.%!(&)'%*!79%!.%<&7C(%!&(%1&<%!)6<S)C^%)C9662!00+!T4%)&(&'2!

%7!&)#!EFFOU*!79&7!1%A)%?7-!79%!AC7!B%7]%%.!2&7&!&.2!X62%)H!!

!

]C79!=!79%!.'XB%1!6A!6B-%1(&7C6.-!N

*!&.2!<!79%!@16B&BC)C7\!2%.-C7\!A'.?7C6.!@1%2C?7%2!B\!79%!

:Z83! T.61X&)! 2C-71CB'7C6.U#! ,9%! 1&.^C.<! 6A! X62%)-! &??612C.<! 76! 79%C1! AC7! 76! 79%! 2&7&! C-! 79%.!

-71&C<97A61]&12#! I.! 79%61\*! C7! ?&.! B%! &@@)C%2! ]9&7%(%1! 79%! &X6'.7-! 6A! 2&7&! &(&C)&B)%*! B'7! 79%!

1%-')7-! &1%! %N@%?7%2! 76! B%! X61%! -7&B)%! CA! 79%! 7%-7C.<! C-! @%1A61X%2! 6.! &! )&1<%! 2&7&-%7#! /! -X&))!

00+!C.2C?&7%-!79&7!79%!?&.2C2&7%!X62%)!C-!?)6-%!76!79%!X62%)!79&7!9&-!<%.%1&7%2!79%!2&7&*!]9C)%!

&!)&1<%!00+!?611%-@6.2-!76!&!X62%)!79&7!C-!)%--!)C^%)\!6A!9&(C.<!<%.%1&7%2!79%!2&7&#!!

j%! @16@6-%! 76! 7&^%! &2(&.7&<%! 6A! -\.79%7C?! 2&7&! 76! '.2%1-7&.2! 79%! X%&.C.<! 6A! 79%! 00+! (&)'%!

T5C<#! GU#! I.! 79C-! 1%-@%?7*! ]%! -7%@! B&?^! A16X! 79%! C.A61X&7C6.! 79%61\! @%1-@%?7C(%*! &.2! -CX@)\!

?6.?%.71&7%! 6.! 79%! ?&)?')&7%2! 00+! (&)'%-#! D\.79%7C?! 2&7&-%7-! &1%! <%.%1&7%2! A16X! &.! 61C<C.&)!

:&'--C&.! 2C-71CB'7C6.*! &.2! 2C-71CB'7C6.-! ]C79! X62CAC%2! ?9&1&?7%1C-7C?-! TC.! 7%1X-! 6A! X%&.! &.2!

-C<X&U! &1%! 7%-7%2! &<&C.-7! 79%-%! -\.79%7C?! 2&7&-%7-#! P%-')7-! &1%! 2C-@)&\%2! ]C79! C.?1%&-C.<!

.'XB%1! 6A! -\.79%7C?! 2&7&! T<%.%1&7%2! &.2! 7%-7%2U*! <%.%1&7C.<! &! .%]! 1&.26X! 2&7&-%7! A61! %&?9!

1'.! -6! 79&7! 79%! -7&BC)C7\! 6A! 79%! 1%-')7-! ?&.! B%! (%1CAC%2#! IA! 7%-7C.<! 79%! -&X%! 2C-71CB'7C6.! 6.! 79%!

-CX')&7%2!2&7&-%7*!X%&.!00+!(&)'%-!6B7&C.%2!&1%!?)6-%!76!G#MSG#J#!,9%.*!CA!7%-7C.<!2C-71CB'7C6.-!

79&7!2CAA%1!A16X!79%!61C<C.&)!6.%*!X%&.!00+!&1%!C.?1%&-C.<#!561!&!2C-71CB'7C6.!]C79!&!X%&.!%Y'&)!

76!79%!61C<C.&)!X%&.!@)'-!6.%!-C<X&*!61!&!-C<X&!7]C?%!79%!61C<C.&)!-C<X&*!00+!(&)'%-!&1%!&16'.2!

E#F! TB679! 2C-71CB'7C6.-! &1%! 16'<9)\! @16(C2C.<! 79%! -&X%! AC7! 76! 79%! 2&7&U#! I.! 79%! ]61-7! ?&-%!

?6.-C2%1%2!C.!79C-!%N&X@)%*!79%!7%-7%2!2C-71CB'7C6.!9&-!&!X%&.!%Y'&)!76!79%!61C<C.&)!X%&.!@)'-!

E#J! -C<X&*! &.2! &! -C<X&! %Y'&)! 76! F#L! 7CX%-! 79%! 61C<C.&)! -C<X&*! @162'?C.<! X%&.! 00+! (&)'%-! &-!

!"#$%#&'"('#&)'

% ! 9C<9!&-!OSGF#!,9%-%!-\.79%7C?!7%-7-!<C(%!'-!&.!C2%&!6A!79%!00+!(&)'%!76!%N@%?7!2%@%.2C.<!6.!79%!

2C-71CB'7C6.!6A!79%!6B-%1(&7C6.-!]C79!1%-@%?7!76!79%!X62%)#!$%-C2%-*!79%-%!-CX')&7C6.-!&)-6!\C%)2!

&!16'<9!C2%&!&B6'7!79%!XC.CX'X!.'XB%1!6A!6B-%1(&7C6.-!1%Y'C1%2!A61!6B7&C.C.<!&!-7&B)%!X%&.!

00+#!$&-%2!6.!79%!1%-')7-!C.!5C<'1%!G*!X%&.!00+!(&)'%-!&1%!1%&?9%2!A16X!aMF!6B-%1(&7C6.-!6.#!

+6]%(%1*!9%1%!79%!-\.79%7C?!2&7&-%7!C-!@%1A%?7)\!2C-71CB'7%2!&??612C.<!76!&!.61X&)!2C-71CB'7C6.*!

]9C?9!C-!.67!71'%!C.!79%!1%&)!?&-%-#!+%.?%*!MF!6B-%1(&7C6.-!X'-7!B%!?6.-C2%1%2!&-!&!XC.CX'X*!

&.2! X61%! 7%-7-! X'-7! B%! @%1A61X%2! 6.! 2CAA%1%.7! 6B-%1(&7C6.! 2&7&-%7-! 76! ?)%&1)\! 2%AC.%! 79C-!

XC.CX'X!.'XB%1!6A!2&7&#!!

!

-235(!=&($!707?$&0!$+!$%&!B.&#4%!C&7D!9+$)+#!07$7!

"#$%&'()'*+!*,!)-#!./)/!

,9%! &??%)%16X%71C?! 51%.?9! .%7]61^! P/8! T5C<#! EU! 9&-! B%%.! 6@%1&7C.<! -C.?%! 16'<9)\! GJ! \%&1-*!

]C79! X61%! &.2! X61%! -7&7C6.-! C.-7&))%2! -C.?%! GOOW! TP;-%&'! /??;);16X;71CY'%! 8%1X&.%.7*!

8;Y'%<.&7! %7! &)#! EFFLU#! g.)\! %&179Y'&^%-! 1%?612%2! C.! X%716@6)C7&.! 51&.?%! ]C))! B%! 7&^%.! C.76!

&??6'.7! 9%1%! T&! -%@&1&7%! -7'2\! ]6')2! B%! 1%Y'C1%2! A61! %&179Y'&^%-! B%)6.<C.<! 76! 79%! 7%?76.C?!

?6.7%N7!6A!79%!51%.?9!/.7C))%-U#!,9%!P/8!-7&7C6.-!&1%!2C&)S'@!61!?6.7C.'6'-!1%?612C.<!-7&7C6.-#!

,9%\! ?6.-C-7! 6A! 6.%! K"! B16&2B&.2! &??%)%16X%71C?! -%.-61! T>C.%X%71C?-! %@C-%.-61-*! except! A61!

-6X%! 6A! 79%! 6)2%-7! -7&7C6.-! 9&(C.<! :'1&)@! "Z:JU#! ,9%\! &1%! ?6..%?7%2! 76! &! EMSBC7! 791%%S

?6X@6.%.7!2C<C7C[%1!-&X@)C.<!&7!GEJ!+[#!,9%!A'))!-?&)%!6A!79%!?9&..%)!?611%-@6.2-!76!nG<!A61!&))!

79%!-7&7C6.-!'-%2!C.!79C-!@&@%1#!,9%!'-%A')!A1%Y'%.?\!B&.2!C-!FSJF!+[#!g.)\!6AA-%7!?611%?7C6.!C-!

&@@)C%2! 76! 79%! 2&7&! ]C796'7! &.\! &22C7C6.&)! AC)7%1C.<#! ,9%! 2&7&! '-%2! C.! 79C-! @&@%1! 9&-! B%%.!

(C-'&))\! ?)%&.%2! B\! ?9%?^C.<! 79%! -C<.&)S76S.6C-%! 1&7C6! &.2! 79%! 7CX%! &??'1&?\! 6.! 79%! 791%%!

?6X@6.%.7-#!!

k-C.<!6.)\!9C<9!Y'&)C7\!&??%)%16<1&X-*!&!767&)!6A!GW!%(%.7-!]C79!X6X%.7!X&<.C7'2%-!B%7]%%.!

K#L! &.2! M#J! &1%! &(&C)&B)%! T5C<#! E! &.2! K*! ,&B)%! GU#! ,9%-%! %&179Y'&^%-! B%)6.<! 76! 79%! -%C-XC?&))\!

&?7C(%! @&17-! 6A! 51&.?%! T8\1%.%%-*! /)@-! &.2! 06]%1! P9C.%! 3XB&\X%.7U*! ]9C?9! 9&(%! B%%.!

?)&--CAC%2! &-! l&?7C(%! -9&))6]! ?1'-7&)! 1%<C6.-m! C.! 4%)&(&'2*! "6776.! %7! &)#! TEFGEU#! Z6-7! 6A! 79%!

:Z83-! ]C))! B%! 7%-7%2! 6'7-C2%! 79%C1! (&)C2C7\! 1&.<%*! B'7! 76! )CXC7! 79%! %N71&@6)&7C6.! B%)6]! 79%C1!

XC.CX'X! X&<.C7'2%! B6'.2*! X6X%.7! X&<.C7'2%-! ?6.-C2%1%2! 9%1%! &1%! 9C<9%1! 61! %Y'&)! 76!

Z

oK#L#! g.)\! &! -%)%?7C6.! 6A! 79%! &(&C)&B)%! Z]K#L! %(%.7-! C-! C.?)'2%2! C.! 79C-! -7'2\! T79%! %(%.7-!

]C79! 79%! <1%&7%-7! .'XB%1! 6A! 1%?612C.<-U#! ,9'-*! :Z83-! &1%! 7%-7%2! &<&C.-7! &! 2&7&-%7! 79&7! C-!

16'<9)\!96X6<%.%6'-)\!2C-71CB'7%2!C.!7%1X-!6A!X&<.C7'2%*!&.2!79%!1%-')7-!&1%!.67!C.A)'%.?%2!

B\!79%!@1%-%.?%!6A!X61%!)6]!X&<.C7'2%-!79&.!)&1<%1!6.%-!T5C<#!KU#!,9%!)%(%)!6A!^.6])%2<%!6.!

79%!-C7%!?6.2C7C6.-!C.!79%!51%.?9!&??%)%16X%71C?!.%7]61^!(&1C%-!<1%&7)\!A16X!6.%!-7&7C6.!76!79%!

679%1#! DC7%-! &1%! ?)&--CAC%2! &??612C.<! 76! 79%! A6'1! <16'.2! ?&7%<61C%-! 2%AC.%2! C.! 79%! ?'11%.7!

3'16@%&.!-%C-XC?!?62%!3"L!T"3=!EFFMU#!/7!-6X%!-C7%-*!-6X%!<%6@9\-C?&)!&.2!<%6)6<C?&)!-7'2C%-!

9&(%!B%%.!)%2#!561!79%!-C7%-!]C79!&!lX%2C'X!76!9C<9m!?6.AC2%.?%!)%(%)!C.!79%!%-7CX&7C6.!6A!79%!

-9%&1S]&(%!(%)6?C7\!C.!79%!76@!KF!X*!79%!%-7CX&7%2!p-KF!9&-!B%%.!'-%2#!3)-%]9%1%*!A61!79%!=:/!

X62%)-!1%)\C.<!6.!79%!p-KF*!&!X%&.!p-KF!(&)'%!?611%-@6.2C.<!76!79%!3"L!?)&--!9&-!B%%.!'-%2!

TGFFF! Xi-! A61! /*! WFF! A61! $*! EJF! A61! "*! GFF! A61! 4U#! j%! 1%A%1! 79%! 1%&2%1! 76! 79%! P%<.C%1! %7! &)#!

TEFGFU! 1%@617! A61! &! 2%7&C)%2! -7'2\! 6.! 79%! -C7%! ?6.2C7C6.-! 6A! 79%! &??%)%16X%71C?! -7&7C6.-#!

"6.-C2%1C.<!-6'1?%S-C7%!2C-7&.?%-!'@!76!KFF^X*!&!767&)!6A!GOG!1%?612C.<-!C-!6B7&C.%2!T,&B)%!GU#!

/-! 79%! ?6.-C2%1%2! X&<.C7'2%-! &1%! -X&))*! 79%! -C[%! &.2! %N7%.-C6.! 6A! 79%! A&')7! @)&.%-! 9&(%!

.%<)C<CB)%!CX@&?7!6.!79%!?&)?')&7C6.!6A!79%!2CAA%1%.7!2C-7&.?%!X%&-'1%-#!Z6X%.7!X&<.C7'2%!C-!

&(&C)&B)%!A61!GE!6'7!6A!GW!%(%.7-!T416'%7!%7!&)#*!EFGFU#!561!79%!M!1%X&C.C.<!%(%.7-*!&!X&<.C7'2%!

?611%)&7C6.! C-! &@@)C%2! T416'%7! %7! &)#! EFGFU#! 56?&)! X%?9&.C-X! C-! ^.6].! A61! GE! 6'7! 6A! 79%! GW!

%(%.7-!T,&B)%!GU#!+6]%(%1!79%!C.A)'%.?%!6A!79%!-7\)%!6A!A&')7C.<!C-!'.)C^%)\!76!B%!-C<.CAC?&.7!A61!

-X&))!%(%.7-!79&7!?&.!B%!&@@16NCX&7%2!B\!@6C.7!-6'1?%-!A61!X6-7!1%?612C.<!)6?&7C6.-#!

"#$%&'()'*+!*,!)-#!0123$!%*+$'.#&#.!

!"#$%#&'"('#&)'

!! ! D%(%1&)!1%?%.7!X62%)-!9&(%!B%%.!-%)%?7%2!A61!7%-7C.<!79%!&??%)%16X%71C?!2&7&-%7!T,&B)%!E*!5C<#!

MU*!&)796'<9!X61%!79&.!GLF!%Y'&7C6.-!&1%!)C-7%2!C.!46'<)&-!TEFGGU!A61!%)&-7C?!1%-@6.-%!-@%?71&)!

612C.&7%-#!,9C-!-9617!)C-7!?6.-C-7-!C.!%Y'&7C6.-!2%(%)6@%2!A61!&?7C(%!-9&))6]!?1'-7&)!1%<C6.-*!C.!

7%1X-! 6A! X6X%.7! X&<.C7'2%*! &.2! C.?)'2C.<! &! .6.S)C.%&1! X&<.C7'2%! -?&)C.<! 7%1X! T%N?%@7! A61!

"&'[[C!&.2!5&??C6)C!EFFLU#!,9%!X62%)-!/^^&1!&.2!$6XX%1!TEFGFU*!"&'[[C!&.2!5&??C6)C!TEFFLU*!

h9&6!%7!&)#!TEFFWU*!&.2!"9C6'!&.2!e6'.<-!TEFFLU*!9&(%!B%%.!-%)%?7%2!]C79C.!79%!D+/P3!@16R%?7!

A61! &@@)C?&7C6.! C.! -9&))6]! ?1'-7&)! 1%<C6.-! T-%%! 4%)&(&'2*! "6776.! %7! &)#! EFGE*! A61! &! 2%7&C)%2!

2%-?1C@7C6.!6A!79%!-%)%?7C6.!@16?%--U#!!+%1%!7]6!X61%!=:/!X62%)-!6A7%.!?6.-C2%1%2!C.!?'11%.7!

%.<C.%%1C.<! -%C-X6)6<\! @16R%?7-! &1%! 7%-7%2*! .&X%)\! /B1&9&X-6.! &.2! DC)(&! TEFFLU! &.2! $661%!

&.2! /7^C.-6.! TEFFLU*! &-! ]%))! &-! 79%! .%]! "9C6'! %7! &)#! TEFGFU! %Y'&7C6.! %N7%.2%2! 76! )6]%1!

X&<.C7'2%-#!5'179%1X61%*!79%!$C.2C!%7!&)#!TEFFOU!X62%)*!79&7!-96]%2!76!@1%2C?7!]%))!79%!D+/P3!

-716.<!X67C6.!2&7&-%7!T4%)&(&'2*!"6776.*!%7!&)#!EFGEU*!C-!&)-6!?6.-C2%1%2#!

455/&! /+.! 6*77#&! 89:;:<! 9&(%! 2%(%)6@%2! &! @&.S3'16@%&.! %Y'&7C6.*! @1%2C?7C.<! <%6X%71C?&)!

X%&.! 6A! 961C[6.7&)! @-%'26S-@%?71&)! &??%)%1&7C6.-! A61! X&<.C7'2%-! 1&.<C.<! A16X! J! 76! V#W*! &7!

2C-7&.?%-! '@! 76! GFF^X! T`6\.%1! &.2! $661%! 2C-7&.?%U#! ,9%! -@%?71&)! @%1C62! 1&.<%! C-! F#FJSK!

-%?6.2-#!,9%!<%.%1&7C.<!2&7&-%7!C-!?6(%1C.<!-%(%1&)!?6'.71C%-!A16X!3'16@%!&.2!79%!ZC22)%!3&-7*!

A16X!X62%1&7%!76!9C<9!-%C-XC?C7\#!!

=/>??'! /+.! @/%%'*A'! 89::B<! X62%)! @1%2C?7-! <%6X%71C?&)! X%&.! 6A! &??%)%1&7C6.-! A61! X&<.C7'2%-!

1&.<C.<! A16X! J! 76! V#E*! &7! 2C-7&.?%-! '@! 76! GJF^X! T9\@6?%.71&)! 2C-7&.?%U#! ,9%! -@%?71&)! @%1C62!

1&.<%!C-!F#FJ!S!EF!-%?6.2-#!D'?9!)6.<!@%1C62-!&1%!?1'?C&)!A61!@1%2C?7C6.!6A!<16'.2!X67C6.-!A61!

B1C2<%-!&.2!7&))!B'C)2C.<-#!,9C-!%Y'&7C6.!9&-!B%%.!C.C7C&))\!2%(%)6@%2!A61!&@@)C?&7C6.!C.!I7&)\!B'7!

C7! C-! B&-%2! 6.! &! ]61)2]C2%! ?1'-7&)! %&179Y'&^%! 2&7&-%7#! /! )&1<%! @&17! 6A! 79C-! 2&7&-%7! TaLFqU! C-!

?6XC.<!A16X!79%!`&@&.%-%!>S=3,!-716.<!X67C6.!.%7]61^!T-%%!D%?7C6.!4&7&!&.2!P%-6'1?%-U*!Jq!

C-!?6XC.<!A16X!3'16@%!&.2!,'1^%\#!,9%!X62%)!9&.2)%-!7]6!2%AC.C7C6.-!A61!79%!-C7%!?6.2C7C6.-*!

%C79%1!2C1%?7)\!'-C.<!79%!p-KF!&-!@1%2C?761!(&1C&B)%*!61!'-C.<!79%!3'16?62%!L!<16'.2!?&7%<61C%-!

T"3=!EFFMU#!,9C-!X62%)!9&-!6.%!)CXC7&7C6.!&-!C7!C-!2%AC.%2!A61!9\@6?%.71&)!2C-7&.?%-!)&1<%1!79&.!

GJ^X#!

C04!7*.#A$!89::B<!9&(%!B%%.!2%(%)6@%2!A16X!&!]61)2]C2%!2&7&-%7!TC.?)'2C.<!%(%.7-!A16X!79%!

3'16SZ%2C7%11&.%&.! 1%<C6.U! A61! @1%2C?7C.<! <16'.2! X67C6.-! C.! 79%! j%-7%1.! k.C7%2! D7&7%-*! &7!

2C-7&.?%-! '@! 76! EFF^X*! &.2! A61! -@%?71&)! @%1C62-! 1&.<C.<! A16X! F#FG! 76! GF! -%?6.2-#! /.&)\7C?&)!

X62%)-! B&-%2! 6.! .'X%1C?&)! -CX')&7C6.-! &1%! C.?)'2%2*! @16(C2C.<! ?6.-71&C.7-! 6.! 79%! <16'.2S X67C6.! -?&)C.<! 6'7-C2%! 79%! 1&.<%! ]%))! ?6.-71&C.%2! B\! 79%! %X@C1C?&)! 2&7&#! +%1%*! 791%%! 6A! 79%-%!

X62%)-!&1%!?6.-C2%1%2#!4D&/-/7$*+!/+.!E'AF/!89::B<!&.2!6**&#!/+.!4)5'+$*+!89::B<!%Y'&7C6.-!

&@@)\! A61! X&<.C7'2%-! 9C<9%1! 61! %Y'&)! 76! J#! =-'*>! /+.! G*>+H$! 89::B<! X62%)! C-! C.! 79%61\!

&@@)C?&B)%! A61! X&<.C7'2%-! 9C<9%1! 61! %Y'&)! 76! M#! ,9%-%! =:/! X62%)-! 1%Y'C1%! -6X%! @1%2C?761!

(&1C&B)%-! 79&7! &1%! .67! ^.6].! A61! 79%! 51%.?9! &??%)%16X%71C?! -7&7C6.-! &.2! 79&7! X'-7! B%!

%-7CX&7%2H!2%@79S76S76@!6A!1'@7'1%*!&.2!2%@79!76!79%!G!^Xi-!-9%&1S]&(%!(%)6?C7\!961C[6.-#!,9%!

$661%!&.2!/7^C.-6.!TEFFLU!X62%)!'-%-!79%!-X&))%-7!.'XB%1!6A!@1%2C?761!(&1C&B)%-!6A!79%!=:/!

X62%)-#!/))!=:/!X62%)-!@1%2C?7!-C7%!1%-@6.-%!6.!79%!B&-C-!6A!79%!&(%1&<%!-9%&1S]&(%!(%)6?C7\!

C.!79%!76@!KF!X#!

I-#! 7*.#A! *,! =-'*>! #)! /AJ! 89:;:<! 9&-! B%%.! 2%(%)6@%2! A61! ?6X@&1C.<! ]%&^! <16'.2! X67C6.-!

B%7]%%.!"&)CA61.C&!&.2!679%1!&?7C(%!7%?76.C?!1%<C6.-#!561!.6]*!?6%AAC?C%.7-!&1%!&(&C)&B)%! A61!K!

@%1C62-!T8:/*!G!&.2!F#K!-%?U#!,9%!%Y'&7C6.!C-!2%(%)6@%2!A61!-X&))S76SX62%1&7%!-9&))6]!?1'-7&)!

%&179Y'&^%-! TKdZdJ#JU! '@! 76! EFF! ^X! 2C-7&.?%*! &.2! 9&-! B%%.! 2%1C(%2! A16X! "&)CA61.C&.! 2&7&#!

,9%!-@%?CAC?!<6&)!6A!79%!&'7961-!C-!l76!@16(C2%!&.!%X@C1C?&)!X62%)!79&7!?&.!B%!?6.AC2%.7)\!'-%2!

C.! 79%! C.(%-7C<&7C6.! 6A! <16'.2SX67C6.! 2CAA%1%.?%! B%7]%%.! "&)CA61.C&! &.2! 679%1! &?7C(%! 7%?76.C?!

1%<C6.-!brc!]9%1%!79%!B')^!6A!<16'.2SX67C6.!2&7&!A16X!-9&))6]!?1'-7&)!%&179Y'&^%-!C-!C.!79%!

-X&))S76SX62%1&7%! X&<.C7'2%! 1&.<%m! T@#! G! 6A! "9C6'! %7! &)#*! EFGFU#! $679! 79%! %Y'&7C6.-! A61!

-6'79%1.!"&)CA61.C&!&.2!?%.71&)!"&)CA61.C&!]C))!B%!7%-7%2#!

!"#$%#&'"('#&)'

!" ! 6'+.'!#)!/AJ!89::K<!C-!&.!%Y'&7C6.!2%1C(%2!A16X!I7&)C&.!2&7&!6.)\#!,9%!<%.%1&7C.<!2&7&-%7!C-!X&2%!

6A!X&<.C7'2%-!A16X!M#F!76!W#O!1%?612%2!&7!2C-7&.?%-!'@!76!GFF^X#!,9%!-@%?71&)!@%1C62!1&.<%!C-!

F#FKSE!-%?6.2-#!!

L-/*! #)! /AJ! 89::M<! C-! &CX%2! &7! @1%2C?7C.<! <16'.2! X67C6.-! C.! `&@&.#! ,9%! 2&7&-%7! ?6.7&C.-!

2C-7&.?%-!'@!76!KFF^X!&.2!X&<.C7'2%-!B%7]%%.!J!&.2!V#K!T?1'-7&)!%&179Y'&^%-U#!,9%!-@%?71&)!

@%1C62!1&.<%!C-!F#FJ!S!J!-%?6.2-#!Z6-7!6A!79%!2&7&!9&(%!B%%.!1%?612%2!C.!`&@&.*!%N?%@7!A61!&!A%]!

6(%1-%&-!%(%.7-!@16(C2C.<!-9617!-6'1?%!2C-7&.?%!1%?612C.<-#!!

!

2/&/7#)#&!%*7(/)'D'A')N!'$$>#!

/))! :Z83-! ?6.-C2%1%2! C.! 79C-! -7'2\! '-%! 79%! X6X%.7! X&<.C7'2%! -?&)%! 76! ?9&1&?7%1C[%!

%&179Y'&^%! -C[%#! ,9%! 2C-7&.?%! X%&-'1%! C-! 2CAA%1%.7! A16X! 6.%! X62%)! 76! 79%! 679%1*! %#<#! -6X%!

X62%)-! '-%! 79%! `6\.%1! &.2! $661%! 2C-7&.?%! X%&-'1%! T]9C?9! C-! X%&-'1%2! 961C[6.7&))\! 6.! 79%!

-'1A&?%*!%#<#!$661%!&.2!/7^C.-6.!EFFLU!]9C)%!679%1-!&1%!B&-%2!6.!79%!1'@7'1%!2C-7&.?%!T?)6-%-7!

2C-7&.?%! 76! 79%! 1'@7'1%! @)&.%U#! 3&?9! X62%)! C-! &@@)C%2! ]C79! C7-! .&7C(%! 2C-7&.?%! X%&-'1%#! ,9%!

$%\%1! &.2! $6XX%1! TEFFWU! ?6.(%1-C6.-! &1%! '-%2! 76! 7&^%! C.76! &??6'.7! 2CAA%1%.7! 2%AC.C7C6.-! C.!

79%!961C[6.7&)!?6X@6.%.7!T<%6X%71C?&)!X%&.*!%7?#U#!,9%!=:/!X62%)-!@1%2C?7!-C7%!1%-@6.-%!6.!

79%! B&-C-! 6A! 79%! &(%1&<%! -9%&1S]&(%! (%)6?C7\! 6(%1! 79%! '@@%1! KFX! Tp-KFU*! ]9%1%&-! 3'16@%&.!

%Y'&7C6.-! 7&^%! C.76! &??6'.7! 791%%! <%.%1C?! -C7%! ?)&--%-H! 16?^*! -7CAA! -6C)! &.2! -6A7! -6C)!

T?611%-@6.2C.<!76!-9%&1S]&(%!(%)6?C7\!C.7%1(&)-*!"3=!EFFMU#!!

!

!

!

!

O#$>A)$!

,9%! %Y'&7C6.-! &1%! 7%-7%2! &<&C.-7! 79%! 96X6<%.%6'-! 2&7&-%7! 2%-?1CB%2! &B6(%#! /)796'<9! X6-7!

X62%)-!9&(%!B%%.!2%(%)6@%2!A61!X&NCX'X!2C-7&.?%-!(&1\C.<!A16X!GFF^X!76!EFF^X!T,&B)%!EU*!

2C-7&.?%-! &-! A&1! &-! KFF^X! &1%! 7&^%.! C.76! &??6'.7! 76! %.-'1%! &! XC.CX'X! .'XB%1! 6A! 2&7&! TGOG!

1%?612C.<-U#! I.! &! -%?6.2! -7%@*! 79%! -&X%! ?&)?')&7C6.-! &1%! @%1A61X%2! 6.! &! 1%2'?%2! 2&7&-%7!

-%)%?7C.<!2C-7&.?%-!'@!76!EFF^X!TGMK!1%?612C.<-U*! 76! ?9%?^!79&7! 79%!1%-')7-!1%X&C.!-7&B)%#! /-!

-96].!C.!5C<'1%!M*!&))!00+!(&)'%-!&1%!16'<9)\!B%7]%%.!E#J!&.2!M#J#!,9%!-\.79%7C?!7%-7-!-96]%2!

79&7! &! l@%1A%?7m! AC7! ]6')2! \C%)2! 00+oG#MSG#J! T5C<#! G*! -%?7C6.! Z%7962! A61! 7%-7C.<! :Z83-! &<&C.-7!

6B-%1(&7C6.-U#!,91%%!X62%)-!&1%!\C%)2C.<!79%!)6]%-7!&.2!X6-7!-7&B)%!00+!(&)'%-!6(%1!79%!]96)%!

A1%Y'%.?\!1&.<%H!"&'[[C!&.2!5&??C6)C!TEFFL*!"5EFFLU*!/^^&1!&.2!$6XX%1!TEFGF*!/$EFGFU!&.2!

/B1&9&X-6.! &.2! DC)(&! TEFFL*! /DEFFLU#! ,9%-%! 791%%! %Y'&7C6.-! 1%-')7! C.! 00+! (&)'%-! (&1\C.<!

A16X!E#J!'@!76!K#J#!,9%!h9&6!%7!&)#!TEFFWU!:Z83!C-!.67!C.?)'2%2!C.!79C-!B%-7SAC77C.<!:Z83!-9617S )C-7f! ?6X@&1%2! 76! 79%! 791%%! &B6(%! X%.7C6.%2! X62%)-*! 79C-! :Z83! C-! @16(C2C.<! -)C<97)\! 9C<9%1!

00+! 6.! &(%1&<%! 6(%1! 79%! ]96)%! A1%Y'%.?\! 1&.<%#! ,9%! /B1&9&X-6.! &.2! DC)(&! TEFFLU! X62%)!

1%Y'C1%-!-6X%!@&1&X%7%1-!2%-?1CBC.<!79%!-C7%!&.2!79%!-6'1?%*!]9C?9!&1%!.67!]%))!?6.-71&C.%2!

T2%@79S76S76@! 6A! 1'@7'1%*! A&')7! 2C@*! 26].2C@! 1'@7'1%! ]C279U! 61! .67! &(&C)&B)%! T79%! 2%@79! 76!

p-oGFFF!Xi-U#!!j%!@%1A61X%2!-%.-C7C(C7\!-7'2C%-!6.!79%-%!@&1&X%7%1-*!&.2!]%!6B-%1(%2!79&7*!CA!

'-C.<!&!1%&-6.&B)%!TB'7!-7C))!]C2%U!1&.<%!6A!(&)'%-*!79%1%!C-!(%1\!)C77)%!CX@&?7!TCA!&.\U!6.!79%!00+!

6B7&C.%2#! ,9C-! XC<97! B%! 2'%! 76! 79%! )6]! X&<.C7'2%-! C.(6)(%2! &.2! 79%! -6'1?%S-C7%! 2C-7&.?%-!

&(&C)&B)%#! D%.-C7C(C7\! 7%-7-! @%1A61X%2! A61! 79%! "9C6'! &.2! e6'.<-! TEFFLU! =:/! X62%)*! &.2! 79%!

"9C6'!%7!&)#!TEFGFU*!)%2!76!79%!-&X%!?6.?)'-C6.-#!!

!

D6X%! X62%)-! -96]! &! <662! &BC)C7\! 76! @1%2C?7! 79%! 6B-%1(&7C6.-! 6.)\! A61! @&17! 6A! 79%! A1%Y'%.?\!

1&.<%#! ,9%! X62%)! 6A! "9C6'! &.2! e6'.<-! TEFFL*! "eEFFLU! @%1A61X-! 16'<9)\! ]%))! 6.)\! A61! )6]!

!"#$%#&'"('#&)'

!# ! A1%Y'%.?C%-!TdK+[U#!"6.(%1-%)\*!79%!X62%)!6A!$C.2C!%7!&)#!TEFFO*!$EFFOU!@1%2C?7-!6B-%1(&7C6.-!

?611%?7)\!6.)\!A61!9C<9%1!A1%Y'%.?C%-*!)&1<%1!79&.!aK+[#!,9%-%!1%-')7-!9C<9)C<97!79%!.%%2!76!7%-7!

:Z83-!&-!&!A'.?7C6.!6A!-@%?71&)!A1%Y'%.?\#!IA!XCNC.<!A1%Y'%.?C%-*!&!X%&.!00+!(&)'%!]6')2!B%!

6B7&C.%2!]9C?9!]6')2!.67!B%!1%A)%?7C.<!?611%?7)\!79%!<662.%--S6ASAC7!6A!79%!X62%)!76!79%!2&7&#!

4%)&(&'2!%7!&)#!TEFFOU!&)-6!6B-%1(%2!-'?9!&!-716.<!2%@%.2%.?%!]C79!A1%Y'%.?\!]9C)%!&@@)\C.<!

79%!00+SB&-%2!X%7962!6.!"&)CA61.C&.!2&7&#!I7!C-!C.7%1%-7C.<!76!6B-%1(%!79&7*!CA!?6.-C2%1C.<!79%!

1%-')7-! &7! G! +[*! %N?%@7! A61! 79%! $C.2C! %7! &)#! TEFFOU! X62%)*! 79%! 00+! &1%! &))! ?6.?%.71&7%2! C.! &!

.&116]!C.7%1(&)!TE#OSK#KU#!561!79C-!A1%Y'%.?\*!X62%)-s!@%1A61X&.?%-!&1%!?6X@&1&B)%#!!

!

,9%! "9C6'! %7! &)#! TEFGFU! X62%)*! 2%1C(%2! -@%?CAC?&))\! A61! @1%2C?7C.<! <16'.2! X67C6.-! A61!

X&<.C7'2%-! )6]%1! 79&.! J#J*! ?6.-C-7-! C.! 7]6! -%7-! 6A! ?6%AAC?C%.7-! 1%-@%?7C(%)\! A61! "%.71&)! &.2!

D6'79%1.!"&)CA61.C&#!,9%!00+!(&)'%-!&7!F#K!-%?6.2-!&.2!8:/!&1%!(%1\!9C<9!'-C.<!79%!?6%AAC?C%.7-!

A61!"%.71&)!"&)CA61.C&!TW#J!&7!F#K!-%?*!&.2!aJ!&7!79%!8:/U#!,9%!%Y'&7C6.!A61!D6'79%1.!"&)CA61.C&!

AC7-!]%))!79%!2&7&!&7!G!+[!&.2!&7!79%!8:/*!B'7!C-!\C%)2C.<!&!9C<9%1!00+!(&)'%!79&.!79%!1%-7!6A!79%!

X62%)-!A61!79%!@%1C62!F#K-#!06]SX&<.C7'2%!<16'.2!X67C6.-!C.!"&)CA61.C&!XC<97!.67!B%!-CXC)&1!

76! )6]SX&<.C7'2%! <16'.2! X67C6.-! C.! 6'1! 7&1<%7! 1%<C6.#! +6]%(%1*! 79C-! 1%-')7! X'-7! B%! 7&^%.!

]C79!?&'7C6.*!&-!6.)\!K!A1%Y'%.?C%-!&1%!&(&C)&B)%!A61!?6X@&1C-6.!T"9C6'!%7!&)#!EFGFU#!

!

5'179%1X61%*! 76! (C-'&)C[%! 79%! AC7! B%7]%%.! 79%! 2&7&! &.2! 79%! @1%2C?7C6.-*! &! X61%! ?)&--C?&)!

7%?9.CY'%!C-!76!2C-@)&\!79%!1%-C2'&)-#!,9%!1%-C2'&)!C-!79%!2CAA%1%.?%!B%7]%%.!79%!@1%2C?7C6.!&.2!

79%! 6B-%1(&7C6.! C.! 7%1X-! 6A! )6<&1C79X*! .61X&)C[%2! B\! 79%! -C<X&! 6A! 79%! X62%)#!D6X%! 1%-C2'&)-!

&1%!2C-@)&\%2!C.!5C<-#!J!76!L!76!C))'-71&7%!79%!AC7!A61!7]6!6A!79%!B%-7SAC77C.<!X62%)!T"5EFFL*!5C<#!J*!

&.2!/$EFGF*!5C<#!LU*!&.2!A61!7]6!6A!79%!X62%)-!@1%2C?7C.<!9C<9%1!00+!(&)'%-!T/$EFFL*!5C<#!W*!

hEFFW*! 5C<#! VU#! ,9%-%! 9C-76<1&X-! @16(C2%! ?6X@)%X%.7&1\! C.-C<97-! 6.! 79%! AC7! B%7]%%.! X62%)-!

&.2! 2&7&#! ,9%\! -96]! 79&7! 79%! 6B-%1(&7C6.-! &1%! ?9&1&?7%1C[%2! B\! &! 9C<9%1! (&1C&BC)C7\! 79&.! 79%!

@1%2C?7%2!2C-71CB'7C6.-*!]9C?9!C-!%N@%?7%2!&-!X67C6.-!A16X!-X&))!%&179Y'&^%-!9&(%!@16(%2!76!

B%!X61%!(&1C&B)%!79&.!X67C6.-!A16X!)&1<%1!%&179Y'&^%-!T%#<#!e6'.<-!%7!&)#!GOOJU#!,9%!61C<C.!6A!

79C-!&)%&761\!(&1C&BC)C7\!C-!.67!C2%.7CAC%2!\%7!!T%C79%1!&!71'%!@9\-C?&))\SB&-%2!'.?%17&C.7\!61!&.!

'.?%17&C.7\! 2'%! 76! X%7&2&7&*! $6XX%1! %7! &)#! EFFVU#! $%-C2%-*! ]9%.%(%1! 79%! X%2C&.! 6A!

6B-%1(&7C6.-! 26%-! .67! AC7! 79%! X%2C&.! 6A! @1%2C?7C6.-*! 79%! X62%)-! &1%! 6(%1S@1%2C?7C.<! 79%!

&X@)C7'2%-! T%#<#! 5C<#! W! 2C-@)&\C.<! 79%! 1%-')7-! A61! 79%! $661%! &.2! /7^C.-6.! EFFL! X62%)U#! ,9C-!

6B-%1(&7C6.! C-! &)-6! %N@%?7%2! A16X! 2CAA%1%.7! @&-7! -7'2C%-! T%#<#! $6XX%1! %7! &)#! EFFVU#! P%-C2'&)!

9C-76<1&X-!&1%!-96].!A61!(&1\C.<!X&NCX'X!2C-7&.?%-!TKFF*!EFF!&.2!GFF^XU#!IA!1%2'?C.<!79%!

X&NCX'X! 2C-7&.?%! 76! EFF^X*! 61! ?6.-C2%1C.<! 6.)\! 16?^! -7&7C6.-! T&.2! 79'-! 1%2'?C.<! 79%!

'.?%17&C.7\!6.!79%!-C7%!?6.2C7C6.-U*!79%!1&.^C.<!6B7&C.%2!A61!:Z83-!1%X&C.-!-7&B)%#!561!GFF^X*!

]%!B%)C%(%!79&7!79%1%!C-!766!A%]!2&7&!76!2%1C(%!1%)C&B)%!?6.?)'-C6.-#!

!

,9%! %Y'&7C6.-! B%-7! AC77C.<! 79%! 51%.?9! &??%)%16X%71C?! ]%&^SX67C6.! 2&7&-%7! 9&(%! B%%.!

9C<9)C<97%2#!,]6!X62%)-!-%)%?7%2!]C79C.!D+/P3!A61!?1'-7&)!1%<C6.-!&1%!AC77C.<!1%&-6.&B)\!]%))!

79%!2&7&!T"5EFFL*!/$EFGFU#!=6!-C<.CAC?&.7!1%<C6.&)!(&1C&7C6.!6A!<16'.2!X67C6.-!C-!9C<9)C<97%2*!

&.2!79%!X&<.C7'2%!-?&)C.<!?6')2!B%!@1%26XC.&.7!C.!79%!?6.716)!6A!<16'.2SX67C6.!&X@)C7'2%-#!

+6]%(%1*! ?)%&1! %N@)&.&7C6.-! A61! 79%! 1%)&7C(%! <662! @%1A61X&.?%! 6A! 79%-%! X62%)-! &1%! .67!

-71&C<97A61]&12#!,9%-%!:Z83-!&1%!CX@617%2!X62%)-!&.2!79%\!&1%!&@@)C%2!&7!X&<.C7'2%-!)6]%1!

79&.!79%C1!XC.CX'X!X&<.C7'2%!(&)C2C7\!)CXC7-#!,9%!7]6!679%1!X62%)-!-%)%?7%2!C.!D+/P3*!$661%!

&.2! /7^C.-6.! TEFFLU! &.2! h9&6! %7! &)#! TEFFWU! &1%! -)C<97)\! 6(%1S%-7CX&7C.<! 79%! 2&7&*! ]9C?9! C-!

?69%1%.7! ]C79! X&.\! 1%?%.7! -7'2C%-! T%#<#! "6776.! %7! &)#! EFFLU#! g.%! Y'%-7C6.! 79&7! C-! .&7'1&))\!

1&C-%2! C-! ]9%79%1! 79%! 1&.^C.<! 2%2'?%2! A16X! 79%-%! )6]SX&<.C7'2%! X67C6.-! ]6')2! 96)2! CA!

X62%1&7%! X&<.C7'2%-! ]%1%! &(&C)&B)%#! +6]%(%1*! &7! 79C-! -7&<%*! ]%! 9&(%! .6! &1<'X%.7! 76! &--%17!

79&7!CA!&(&C)&B)%*!-716.<%1!<16'.2!X67C6.!]6')2!&)-6!X&7?9!79%-%!:Z83-#!I.!79%!A6))6]C.<*!]%!

X&^%! '-%! 6A! &! `&@&.%-%! 2&7&-%7! 76! 7&?^)%! -6X%! 6A! 79%! '.1%-6)(%2! Y'%-7C6.-! 79&7! &@@%&1%2!

2'1C.<!79%!7%-7C.<!6.!79%!]%&^SX67C6.!&??%)%16X%71C?!2&7&-%7#!

!

!"#$%#&'"('#&)'

!$ ! '&($)#*!?.&0)4$)+#(!7#0!+=(&.A7$)+#(!+#!$%&!E7?7#&(&!07$7!!

,9%!1C?9!`&@&.%-%!2&7&-%7!?6.7&C.-!B679!]%&^!&.2!-716.<!<16'.2!X67C6.-*!?611%-@6.2C.<!76!&!

]C2%!X&<.C7'2%!1&.<%#!,9%!>C>S.%7!&.2!>S=3,!.%7]61^-!1%?612C.<-!9&(%!B%%.!?6))%?7%2!'@!76!

79%! %.2! 6A! EFFO! T0&'1%.2%&'! %7! &)#! EFGGU#! g.)\! %(%.7-! ?9&1&?7%1C[%2! C.! 79%! 5S.%7! ?&7&)6<! &1%!

-%)%?7%2! C.! 612%1! 76! 9&(%! ?6.-C-7%.7! X%7&S@&1&X%7%1-! TZ]*! 9\@6?%.7%1! )6?&7C6.*! A6?&)! 2%@79!

&.2!1&^%!&.<)%U#!$%-C2%-!79%!2&7&!-'B-%7!'-%2!C.!79C-!-7'2\!C.?)'2%-!6.)\!?1'-7&)!%(%.7-!TA6?&)!

2%@79!_EJ^X!&.2!%N?)'2C.<!6AA-961%!%(%.7-!6.!79%!-'B2'?7C6.!-C2%U!&.2!16?^!-C7%-!TpDKFt!JFF!

Xi-*! ]C79! p

! 2%2'?%2! A16X! >C>S.%7! (%)6?C7\! @16AC)%-*! $661%! %7! &)#*! EFGGU#! /! X&<.C7'2%S 2C-7&.?%!AC)7%1!]&-!&@@)C%2!&??612C.<!76!>&..6!%7!&)#!TEFFWU!@1%2C?7C6.-*!7&^C.<!E#J!<&)!&-!&!8:/!

791%-96)2#! DS]&(%! 71C<<%1%2! &.2! X')7CS%(%.7-! 1%?612-! 9&(%! B%%.! %)CXC.&7%2#! ,9%! -6'1?%!

2C-7&.?%!C-!79%!9\@6?%.71&)!2C-7&.?%!A61!%(%.7-!]C79!Z

!d!J#V!&.2!79%!?)6-%-7!2C-7&.?%!A16X!79%!

A&')7!@)&.%!76!79%!6B-%1(&7C6.!-C7%!A61!79%!%(%.7-!]C79!)&1<%1!X&<.C7'2%-#!

/!-%7!6A!%C<97!X62%)-!C-!-%)%?7%2*!C.?)'2C.<!1%?%.7!X62%)-!2%1C(%2!A16X!`&@&.%-%!2&7&!61!A16X!

679%1!&?7C(%!?1'-7&)!1%<C6.-!6A!79%!]61)2#!/7!AC1-7*!79%!&CX!C-!76!7%-7!&!2&7&-%7!]C79!?9&1&?7%1C-7C?-!

?)6-%!76!79%!51%.?9!&??%)%16X%71C?!2&7&-%7!76!2%7%1XC.%!CA!79%!.'XB%1!6A!1%?612C.<-!&(&C)&B)%!C-!

-'AAC?C%.7!A61!?6.-C2%1C.<!79%!1%-')7-!1%)C&B)%#!D%?6.2)\*!79%!-&X%!:Z83-!&1%!7%-7%2!&<&C.-7!79%!

`&@&.%-%! 2&7&-%7! 6.! 79%! X62%1&7%S76S)&1<%! X&<.C7'2%! 1&.<%#! ,9%! 6BR%?7C(%! C-! 76! &.&)\[%! 79%!

@%1A61X&.?%!6A!79%!X62%)-!&??612C.<!76!79%!X&<.C7'2%!1&.<%!?6.-C2%1%2#!I.!679%1!]612-*!'-C.<!

79%!D?9%1B&'X!%7!&)#!TEFFOU!X%7962*!79%!1&.^C.<!6A!79%!X62%)-!6B7&C.%2!6.!79%!)6]!X&<.C7'2%!

1&.<%!C-!?6X@&1%2!]C79!79%!1&.^C.<!6A!79%!X62%)-!1%-')7C.<!A16X!79%!)&1<%1!X&<.C7'2%!1&.<%#!

/7!AC1-7*!6.)\!1%?612C.<-!?611%-@6.2C.<!76!%&179Y'&^%-!]C79!X&<.C7'2%-!B%7]%%.!M!&.2!M#O!&1%!

?6.-C2%1%2!T]C79!&7!)%&-7!L!1%?612C.<-!@%1!%(%.7U#!,9%!2CAA%1%.?%!B%7]%%.!79C-!2&7&-%7!&.2!79%!

51%.?9! 2&7&-%7! C-! C.! 79%! 2C-7&.?%! 2C-71CB'7C6.*! 79%! `&@&.%-%! .%7]61^! C-! X'?9! 2%.-%1! &.2!

2C-7&.?%-!&(&C)&B)%!C.!6'1!2&7&B&-%!&1%!-9617%1#!561!%&?9!1'.!T%&?9!?'1(%!C.!5C<#!OU*!-'B-%7-!&1%!

%N71&?7%2!&7!1&.26X!A16X!79%!C.C7C&)!2&7&-%7!]C79!&!?6.2C7C6.!6.!79%!767&)!.'XB%1!6A!1%?612C.<-*!

79%! -&X@)%! X'-7! B%! ?6.-7C7'7%2! 6A! GVF! 76! EGF! 1%?612-! T-6! GOF! C.! &(%1&<%U#! ,9%! 1%-')7C.<!

-&X@)%! C-! X&2%! 6A! GG! 76! GL! %&179Y'&^%-*! 2C-71CB'7%2! &))! 6(%1! `&@&.#! /.! %N&X@)%! 6A! &! 1&.26X!

2&7&-%7!C-!2C-@)&\%2!C.!5C<'1%!GF#!,9%!1&.<%!6A!00+!(&)'%-!6B7&C.%2!T'@!76!J#EU!C-!?6X@&1&B)%!76!

79%!00+!6B7&C.%2!6.!79%!51%.?9!]%&^!X67C6.!2&7&#!,91%%!X62%)-!@16(C2%!)6]!00+*!B%7]%%.!G#J!

&.2!E#J*!CX@)\C.<!&!<662!AC7!]C79!79%!2&7&!T>&..6!%7!&)#!EFFW*!"&'[[C!&.2!5&??C6)C!EFFL*!"9C6'!

&.2! e6'.<-! EFFLU#! ,9%! 1%-')7-! ?6.AC1X! &<&C.! 79&7! 79%! AC7! B%7]%%.! 79%! @1%2C?7C6.-! &.2! 79%!

6B-%1(&7C6.-!(&1C%-!]C79!79%!A1%Y'%.?\!?6.-C2%1%2#!561!A1%Y'%.?C%-!9C<9%1!79&.!W#F*!&))!7%-7%2!

X62%)-! &1%! @16(C2C.<! -7&B)%! 00+! (&)'%-! 6(%1! 79%! A1%Y'%.?\! 1&.<%*! 1%-71C?7%2! 76! &! .&116]!

C.7%1(&)!T00+oG#LSE#LU#!Z6-7!CX@617&.7!A61!79C-!7%-7!6A!-7&BC)C7\*!79%!1%-')7-!26!.67!?9&.<%!X'?9!

A16X!6.%!-'B-%7!76!79%!679%1*!]9C?9!CX@)C%-!79&7!79%!16'<9!9C%1&1?9\!B%7]%%.!X62%)-!?&.!B%!

6B7&C.%2!]C79!&!-X&))!2&7&-%7!6A!1%?612C.<-#!,9C-!2&7&-%7!9&-!79%!-&X%!-C[%!&-!79%!51%.?9!]%&^!

X67C6.!2&7&-%7!7%-7%2*!B'7!]C79!&!]C2%1!2C-7&.?%!1&.<%!C.!79%!?&-%!6A!79%!51%.?9!2&7&-%7#!,9%!

X62%)-! "&'[[C! &.2! 5&??C6)C! TEFFLU*! >&..6! %7! &)#! TEFFWU*! &.2! "9C6'! &.2! e6'.<-! TEFFLU*! &1%!

C2%.7CAC%2!&-!79%!B%-7SAC77C.<!X62%)-*!]C79!79%!)6]%-7!00+!6(%1!79%!]96)%!A1%Y'%.?\!1&.<%#!,9%!

X62%)!]C79!79%!@661%-7!AC7!C-!/7^C.-6.!&.2!$661%!TEFFLU#!:Z83-!&1%!79%.!<16'@%2!&??612C.<!76!

79%C1!1&.^C.<!T,&B)%!KU#!

=%N7*! &))! 1%?612C.<-! ?611%-@6.2C.<! 76! %&179Y'&^%-! ]C79! X&<.C7'2%-! B%7]%%.! J! &.2! V! &1%!

?6.-C2%1%2!T5C<#!GG*!&16'.2!GEFF!1%?612C.<-!CA!?6.-C2%1C.<!%(%.7-!]C79!&7!)%&-7!GF!1%?612C.<-U#!

/<&C.*! 00+! (&)'%-! 6B7&C.%2! A61! 79%! 2CAA%1%.7! :Z83-! 1&.<%! C.! &! 1&79%1! .&116]! C.7%1(&)! A61!

A1%Y'%.?C%-!W!76!GF+[!TG#OSE#MU*!B'7!-96]!76!B%!Y'C7%!2CAA%1%.7!A61!A1%Y'%.?C%-!)6]%1!79&.!JSW!

+[! TG#MSK#EU#! ,91%%! X62%)-! %X%1<%! &-! 79%! B%-7SAC77C.<! %Y'&7C6.-! 6(%1! FSGF+[H! "6776.! %7! &)#!

TEFFLU*!"&'[[C!&.2!5&??C6)C!TEFFLU!&.2!>&..6!%7!&)#!TEFFWU*!]C79!00+!(&)'%-!(&1\C.<!A16X!G#J!

76!E!X&NCX'X#!I7!C-!]6179!.67C.<!79&7!79%!X62%)-!"6776.!%7!&)#!TEFFLU!&.2!>&..6!%7!&)#!TEFFWU!

9&(%! B%%.! 2%1C(%2! A16X! &! 2&7&B&-%! 6A! `&@&.%-%! 1%?612C.<-*! ]9%1%&-! 79%! X62%)! "&'[[C! &.2!

5&??C6)C! TEFFLU! C-! B&-%2! 6.! &! 2&7&B&-%! X&2%! 6A! aLFq! `&@&.%-%! 1%?612C.<-#! ,9%-%! 1%-')7-!

]6')2! 7%.2! 76! -'@@617! 79%! C2%&! 79&7! <16'.2! X67C6.-! C.! `&@&.! &1%! 2C-@)&\C.<! -@%?CAC?! A%&7'1%-!

!"#$%#&'"('#&)'

!% ! T1%<C6.&)! -@%?CAC?C7\U#! D6X%! -CXC)&1! AC.2C.<-! ]%1%! 6B7&C.%2! B\! 4%)&(&'2*! D?9%1B&'X! %7! &)#!

TEFGEU! B&-%2! 6.! 7]6! A1%Y'%.?C%-! TG+[! &.2! 8:/U#! ,]6! 679%1! %Y'&7C6.-! &1%! \C%)2C.<! 1&79%1!

-7&B)%! 00+! (&)'%-! 6.! 79%! ]96)%! A1%Y'%.?\! 1&.<%*! h9&6! %7! &)#! TEFFWU! &.2! "9C6'! &.2! e6'.<-!

TEFFLU*! 96]%(%1! ]C79! -)C<97)\! 9C<9%1! 00+! (&)'%-! C.! 79%! )6]%1! A1%Y'%.?\! 1&.<%! TdM+[*!

G#Ld00+dE#MU#!!

$&-%2! 6.! 79%! 9C%1&1?9\! 6B7&C.%2! A16X! 79%! 00+! (&)'%-*! 79%! X62%)-! &1%! 1&.^%2! C.! M! ?&7%<61C%-!

T,&B)%!KU*!A16X!79%!B%-7SAC77C.<!X62%)-!TG#Jd00+dG#L!A61!AdW+[U!76!79%!]61-%!TG#Vd00+dK#M!A61!

AdW+[U#!!"6X@&1C.<!79%!1%-')7-!6A!79%!7%-7C.<!A61!)6]!&.2!)&1<%1!X&<.C7'2%-*!C7!C-!C.7%1%-7C.<!76!

6B-%1(%! 79&7! 79%! 9C%1&1?9\! B%7]%%.! X62%)-! C-! 6.)\! @&17)\! @1%-%1(%2#! 561! 7]6! X62%)-! 79%!

1&.^C.<!6B7&C.%2!A16X!79%!)6]!X&<.C7'2%!2&7&-%7!C-!1&79%1!2CAA%1%.7!79&.!79%!1&.^C.<!6B7&C.%2!

A16X!79%!)&1<%1!X&<.C7'2%!2&7&-%7H!"6776.!%7!&)#!TEFFLU!X62%)!C-!.6!)6.<%1!1&.^%2!&X6.<!B%-7S AC77C.<! X62%)-! T00+! &16'.2! E#JU*! ]9%1%&-! "9C6'! &.2! e6'.<-! TEFFLU! C-! .6]! &X6.<! 79%! B%-7S AC77C.<!X62%)-!T00+!&16'.2!E#FU#!Z61%6(%1*!%N&X@)%-!6A!.61X&)C[%2!1%-C2'&)-!&1%!2C-@)&\%2!C.!

79%! ?&-%! 6A! 79%! "&'[[C! &.2! 5&??C6)C! TEFFLU! X62%)! T5C<#! GEU#! ,9%! 9C-76<1&X-! 9C<9)C<97! 79%! )C.^!

B%7]%%.!&!)6]!00+!TaG#WU!&.2!79%!<662!AC7!6A!79%!.61X&)C[%2!1%-C2'&)!2C-71CB'7C6.!]C79!1%-@%?7!

76!79%!-7&.2&12!.61X&)!2C-71CB'7C6.#!!

!

F+#4:/()+#(!

j%!9&(%!&.&)\[%2!&.2!Y'&.7CAC%2!79%!?69%1%.?\!B%7]%%.!-%(%1&)!:Z83-!&.2!791%%!2&7&-%7-*!&!

)6]! X&<.C7'2%! TK#LSM#JU! 2&7&-%7! 6A! 1%?612C.<-! A16X! 79%! 51%.?9! &??%)%16X%71C?! .%7]61^*! &.2!

7]6! 2&7&-%7-! B'C)2! A16X! 79%! `&@&.%-%! >S=3,! &.2! >C>S.%7! .%7]61^-#! 516X! 79%-%! -7'2C%-! ]%!

2%1C(%!-%(%1&)!?6.?)'-C6.-!&.2!9C<9)C<97!1%X&C.C.<!^%\!Y'%-7C6.-#!

,9%! D?9%1B&'X! %7! &)#! TEFFOU! 7%?9.CY'%*! 1%)\C.<! 6.! 79%! ?&)?')&7C6.! 6A! &! )6<)C^%)C9662! 00+*! C-! &!

(%1\! @1&?7C?&)! &.2! @6]%1A')! 766)! 76! Y'&.7CA\! 79%! AC7! B%7]%%.! @1%2C?7C(%! %Y'&7C6.-! &.2!

6B-%1(&7C6.-#!j%!AC.2!79&7!A61!00+!(&)'%-!1%&?9C.<!G#JSG#W*!79%!2C-71CB'7C6.!6A!79%!.61X&)C[%2!

1%-C2'&)-!C-!X&7?9C.<!]%))!&!-7&.2&12!.61X&)!2C-71CB'7C6.f!]9%1%&-!A61!(&)'%-!9C<9%1!79&.!aKS M*! %C79%1! 79%! X%&.*! 79%! -C<X&*! 61! B679! (&)'%-! ?&)?')&7%2! A16X! 79%! 1%-C2'&)! 2C-71CB'7C6.! &1%!

-716.<)\!X6(C.<!&]&\!A16X!79%!@&1&X%7%1-!6A!79%!-7&.2&12!.61X&)!2C-71CB'7C6.#!

,9%!AC7!B%7]%%.!6B-%1(&7C6.-!&.2!@1%2C?7C6.-!@16(%2!C.!-%(%1&)!?&-%-!76!(&1\!<1%&7)\!]C79!79%!

A1%Y'%.?\#!j9%.!%.6'<9!2&7&!C-!&(&C)&B)%*!79%!7%-7C.<!&.2!&@@)C?&7C6.!6A!79%!D?9%1B&'X!%7!&)#!

TEFFOU! 7%?9.CY'%! T61! &.\! 679%1! 7%?9.CY'%! A61! 7%-7C.<! :Z83-! &<&C.-7! 2&7&U! -96')2! B%! ?&11C%2!

6'7! -%@&1&7%)\! A61! %&?9! A1%Y'%.?\#! g79%1]C-%! -6X%! C.A61X&7C6.! C-! )6-7*! &.2! &! X%&.! 00+! C-!

?&)?')&7%2*!]9C?9!XC<97!.67!1%@1%-%.7!]%))!C.2C(C2'&)!00+!@%1!A1%Y'%.?\#!!

,9%! &.&)\-C-! 6A! 79%! 2&7&-%7! A16X! 79%! 51%.?9! &??%)%16X%71C?! .%7]61^! B1C.<-! .%]! C.-C<97-! A61!

)6]S76SX62%1&7%! -%C-XC?C7\! 1%<C6.-! 6A! j%-7%1.! 3'16@%! T-9&))6]! &?7C(%! 1%<C6.-U#! ,9%! 791%%!

X62%)-!\C%)2C.<!)6]%-7!00+!(&)'%-!6.!79%!51%.?9!&??%)%16X%71C?!)6]SX&<.C7'2%!2&7&-%7!6(%1!

79%!]96)%!A1%Y'%.?\!1&.<%!&1%!79%!"&'[[C!&.2!5&??C6)C!TEFFLU*!/^^&1!&.2!$6XX%1!TEFGFU!&.2!

/B1&9&X-6.!&.2!DC)(&!TEFFLU!%Y'&7C6.-#!,9%-%!X62%)-*!2%1C(%2!A16X!2CAA%1%.7!?1'-7&)!7%?76.C?!

%.(C16.X%.7-*!&1%!79'-!79%!%Y'&7C6.-!X6-7!?69%1%.7!]C79!79%!]%&^!X67C6.-!2&7&-%7!1%?612%2!

C.! &?7C(%! 1%<C6.-! 6A! 51&.?%! T/)@-*! 8\1%.%%-! &.2! 06]%1! P9C.%! 3XB&\X%.7U#! $679! X62%)-!

"5EFFL! &.2! /$EFGF! 9&(%! B%%.! -%)%?7%2! C.! D+/P3! A61! &@@)C?&7C6.! C.! &?7C(%! -9&))6]! ?1'-7&)!

1%<C6.-! &?16--! 3'16@%#! /^^&1! &.2! $6XX%1! TEFGFU! C-! &! @&.S3'16@%&.! X62%)*! ]9%1%&-! "&'[[C!

&.2! 5&??C6)C! TEFFLU! C-! X6-7)\! 1%)\C.<! 6.! `&@&.%-%! 2&7&*! &.2! /B1&9&X-6.! &.2! DC)(&! TEFFLU! 6.!

"&)CA61.C&! &.2! ]61)2S]C2%! 2&7&#! ,9C-! 1%-')7! 26%-! .67! 9C<9)C<97! 1%<C6.&)! (&1C&7C6.! 6A! <16'.2!

X67C6.-#!!

,9%! -%.-C7C(C7\! -7'2C%-! ?&11C%2! 6'7! 6.! 79%! `&@&.%-%! 2&7&B&-%! -96]! 79&7! ?6.-C2%1C.<! &! -'B-%7!

]C79! @16@%17C%-! -CXC)&1! 76! 79%! 51%.?9! &??%)%16X%71C?! 2&7&-%7! TC.! 7%1X-! 6A! X&<.C7'2%-! &.2!

&X6'.7! 6A! 1%?612C.<-U*! 79%! 1&.^C.<! 6A! :Z83-! 6B7&C.%2! 26%-! .67! 2%@%.2! 6.! 79%! -'B-%7#! ,9C-!

AC.2C.<!CX@)C%-!79&7!79%!1%-')7-!6B7&C.%2!A16X!79%!51%.?9!&??%)%16X%71C?!2&7&-%7*!X&2%!6A!GOG!

!"#$%#&'"('#&)'

&! ! 1%?612C.<-! &7! 2C-7&.?%-! )%--! 79&.! KFF^X*! ?&.! B%! ?6.-C2%1%2! &-! -7&B)%! T'.7C)! X61%! 2&7&! C-!

&(&C)&B)%!76!@16(%!C7*!%-@%?C&))\!X61%!-9617!2C-7&.?%!1%?612C.<-U#!!!

,9%!-&X%!-%7!6A!@1%2C?7C(%!X62%)-!C-!7%-7%2!6.!79%!X62%1&7%S76S)&1<%!X&<.C7'2%!2&7&-%7!A16X!

`&@&.! TJ"Z"VU#! "6X@&1C.<! 79%! 1&.^C.<! 6A! :Z83-! 6B7&C.%2! A16X! 79C-! )&1<%1! X&<.C7'2%! 1&.<%!

]C79! 79%! 1&.^C.<! 1%-')7C.<! A16X! 79%! )6]! X&<.C7'2%-*! -6X%! A%&7'1%-! &1%! X&C.7&C.%2*! B'7! A61!

-6X%! X62%)-! 79%! 1&.^C.<! C-! X62CAC%2#! ,9%! X&<.C7'2%! -?&)C.<! C-! 79%1%A61%! ?6.716))C.<! 79%!

<16'.2! X67C6.-! A61! -6X%! 6A! 79%! :Z83-! 7%-7%2#! /.! C.7%1%-7C.<! 6B-%1(&7C6.! C-! 79&7*! ]9%.!

?6.-C2%1C.<! X&<.C7'2%-! 79&7! A&))! C.! 79%! (&)C2C7\! )CXC7-! 6A! 79%! %Y'&7C6.-*! 79%! X62%)-! @1%2C?7C.<!

79%!B%-7!79%!6B-%1(&7C6.-!&1%!&))!.&7C(%!`&@&.%-%!X62%)-!T]C79!00+!(&)'%-!6A!G#JSG#V!C.2C?&7C.<!

79&7!79%!AC7!C-!(%1\!<662U#!:16'.2SX67C6.!-?&)C.<!C.!`&@&.!XC<97!2CAA%1!-C<.CAC?&.7)\!A16X!679%1!

&?7C(%!1%<C6.-#!

!

;7$7!7#0!G&(+/.4&(!

/))!79%!&??%)%16X%71C?!2&7&!A16X!79%!51%.?9!/??%)%16X%71C?!.%7]61^!C-!@'B)C?)\!&(&C)&B)%!6.)C.%!

&7!977@Hii]]]S1&@#6B-#'RAS<1%.6B)%#A1i!T)&-7!&??%--%2!/@1C)!EFGEU*!&-!]%))!&-!79%!

&??%)%16X%71C?!2&7&!A16X!`&@&.!T]]]#^S.%7#B6-&C#<6#R@*!)&-7!&??%--%2!/@1C)!EFGEU*!&.2!79%!

%&179Y'&^%!2&7&!A16X!79%!P;-%&'!=&7C6.&)!2%!D'1(%C))&.?%!DC-XCY'%!TP;=&DD*!977@Hii1%.&--#'S -71&-B<#A1i*!)&-7!&??%--%2!/@1C)!EFGEU#!,9%!D+/P3!@16R%?7!C-!@1%-%.7%2!9%1%H!977@Hii]]]#-9&1%S

%'#61<i!T)&-7!&??%--%2!/@1C)!EFGEU#!

<4D#+C:&0*9&#$(!

Z6-7!6A!79C-!]61^!9&-!B%%.!A'.2%2!B\!79%!3'16@%&.!P%-%&1?9!@16<1&X!58V*!%.7C7)%2!uD%C-XC?!

+&[&12!+&1X6.C[&7C6.!C.!3'16@%s!TD+/P3*!?6.71&?7!.'XB%1!EEWOWVU#!+#!g^-'[S,&-&.!

B%.%AC7%2!A16X!&!-?96)&1-9C@!A16X!79%!Z333D!C.7%1.&7C6.&)!X&-7%1!@16<1&X!

T]]]#X%%%-#61<iU#!j%!&1%!C.2%B7%2!76!79%!=&7C6.&)!P%-%&1?9!I.-7C7'7%!A61!3&179!D?C%.?%!&.2!

4C-&-7%1!81%(%.7C6.!T=I34U*!`&@&.*!&.2!76!79%!51%.?9!/??%)%16X%71C?!=%7]61^!TP/8U!A61!

@16(C2C.<!79%!2&7&!A61!79C-!&.&)\-C-#!5C.&))\*!?6XX%.7-!B\!D#!416'%7!&.2!3#!5&??C6)C!?6.71CB'7%2!

76!CX@16(%!-C<.CAC?&.7)\!79%!?)&1C7\!6A!79%!X&.'-?1C@7#!!

!

!"#$%#&'"('#&)'

&" ! G&,&.&#4&(!

/B1&9&X-6.!=#!&.2!j#!DC)(&!TEFFLU#!D'XX&1\!6A!79%!/B1&9&X-6.!v!DC)(&!=:/!:16'.2SZ67C6.!

P%)&7C6.-*!3/&)-P>/5#!E(#%)&/*!EM*!G*!WVwOV#!

/B1&9&X-6.*!=#*!:#!/7^C.-6.*!4#!$661%*!e#!$6[61<.C&*!>#!"&X@B%))*!$#!"9C6'*!I#!Z#!I21C--*!j#!DC)(&!&.2!P#!

e6'.<-!TEFFLU#!"6X@&1C-6.!6A!79%!=:/!:16'.2SZ67C6.!P%)&7C6.-*!3/&)-P>/5#!E(#%)&/*!EM*!G*!MJSWW#!

/^^&1*!D#!&.2!`#`#!$6XX%1!TEFGFU#!3X@C1C?&)!%Y'&7C6.-!A61!79%!@1%2C?7C6.!6A!8:/*!8:p!&.2!-@%?71&)!

&??%)%1&7C6.-!C.!3'16@%*!79%!Z%2C7%11&.%&.!&.2!79%!ZC22)%!3&-7*!E#'$7*A*H'%/A!O#$#/&%-!Q#))#&$!LG!

TEU*!GOJwEFW#!

/7^C.-6.!:#Z#!&.2!Z#!Z611C--6.!TEFFOU#!gB-%1(&7C6.-!6.!P%<C6.&)!p&1C&BC)C7\!C.!:16'.2SZ67C6.!

/X@)C7'2%-!A61!DX&))S76SZ62%1&7%!3&179Y'&^%-!C.!=6179!/X%1C?&*!6>AAJ!E#'$7*AJ!E*%J!47J!OO*!M*!@@#!

EKOKwEMFO#!

/7^C.-6.!:#Z#!&.2!4#Z#!$661%!TEFGGU#!Z62CAC?&7C6.-!76!%NC-7C.<!<16'.2SX67C6.!@1%2C?7C6.!%Y'&7C6.-!C.!

)C<97!6A!.%]!2&7&*!$'))#!D%C-X6)#!D6?#!/X#!GFG*!K*!@@#!GGEGwGGKJ#!

$&^'.*!j#+#!&.2!F#!D?677C!TEFFWU#!P%<C6.&)!C.7%.-C7\!&77%.'&7C6.!X62%)-!A61!51&.?%!&.2!79%!%-7CX&7C6.!

6A!X&<.C7'2%!&.2!)6?&7C6.!6A!9C-761C?&)!%&179Y'&^%-*!0#*(-N$J!RJ!S+)#*!GWM*!JOWwWGF#!!

$%&'(&)!"#*!g#!D?677C!&.2!0#5#!$6.C))&!TEFFWU#!,9%!16)%!6A!-%C-XC?C7\!X62%)-!C.!@16B&BC)C-7C?!-%C-XC?!

9&[&12!%-7CX&7C6.*!?6X@&1C-6.!6A!&![6.C.<!&.2!&!-X6679C.<!&@@16&?9*!0#*(-N$J!RJ!S+)#*!GWJ*!JLMS JOW#!

$%&'(&)!"#*!8e#!$&12*!D#!+&C.[)!&.2!89#!:';<'%.!TEFFLU#!"&.!-716.<!X67C6.!6B-%1(&7C6.-!B%!'-%2!76!

?6.-71&C.!@16B&BC)C-7C?!-%C-XC?!9&[&12!%-7CX&7%-x*!6>AAJ!E#'$7J!E*%J!47#*!OL*!JFOSJEF#!

$"D5*!$'1%&'!"%.71&)!DC-X6)6<CY'%!51&.y&C-!TEFFGU#!D;C-X%!2%!=C?%!2'!EJ!A;(1C%1!EFFG*!=67%!

@1;)CXC.&C1%*!EF@!T6.)C.%!&??%--H!977@Hii]]]#B?-A#@12#A1i26..%%-i@'B)C?&7C6.-#@9@U#!

$"D5*!$'1%&'!"%.71&)!DC-X6)6<CY'%!51&.y&C-!TEFFKU#!D;C-X%!2%!P&XB%1(C))%1-!2'!EE!A;(1C%1!EFFE*!=67%!

@1;)CXC.&C1%*!GM@!T6.)C.%!&??%--H!977@Hii]]]#B?-A#@12#A1i26..%%-i@'B)C?&7C6.-#@9@U#!

$"D5*!$'1%&'!"%.71&)!DC-X6)6<CY'%!51&.y&C-!TEFFMU#!D;C-X%!2%!P6')&.-!2'!EK!A;(1C%1!EFFM*!=67%!

@1;)CXC.&C1%*!EG@!T6.)C.%!&??%--H!977@Hii]]]#B?-A#@12#A1i26..%%-i@'B)C?&7C6.-#@9@U#!

$"D5*!$'1%&'!"%.71&)!DC-X6)6<CY'%!51&.y&C-!TEFFLU#!D;C-X%!2z/1<%){-S:&[6-7!T+&'7%-S8\1;.;%-U!2'!GJ!

.6(%XB1%!EFFV*!=67%!@1;)CXC.&C1%*!EJ@#!

$%\%1*!>#*!&.2!`#!`#!$6XX%1!TEFFWU#!P%)&7C6.-9C@-!B%7]%%.!X%2C&.!(&)'%-!&.2!&)%&761\!(&1C&BC)C7C%-!A61!

2CAA%1%.7!2%AC.C7C6.-!6A!79%!961C[6.7&)!?6X@6.%.7!6A!X67C6.*!$'))#!D%C-X6)#!D6?#!/X#!OW*!GJGEwGJEE#!

$C.2C!4#*!0#!0'[C*!Z#!Z&--&*!&.2!5#!8&?61!TEFFOU#!+61C[6.7&)!&.2!(%17C?&)!<16'.2!X67C6.!@1%2C?7C6.!

%Y'&7C6.-!2%1C(%2!A16X!79%!I7&)C&.!/??%)%16X%71C?!/1?9C(%!TI,/"/U*!6>AAJ!3/&)-P>/5#!3+HJ*!4gI!

GF#GFFVi-GFJGLSFFOSOGKFSO#!

$6XX%1!``#*!8#`#!D7&AA612*!`#3#!/)&1?6.!&.2!D#!/^^&1!TEFFVU#!,9%!I.A)'%.?%!6A!Z&<.C7'2%!P&.<%!6.!

3X@C1C?&)!:16'.2SZ67C6.!81%2C?7C6.*!$'))#!D%C-X6)#!D6?#!/X#!OV*!W*!@@#!EGJEwEGVF#!

$6XX%1*!`#!`#*!`#!46'<)&-*!5#!D?9%1B&'X*!5#!"6776.*!+#!$'.<'X*!&.2!4#!5&%9!TEFGFU#!g.!79%!D%)%?7C6.!6A!

:16'.2SZ67C6.!81%2C?7C6.!3Y'&7C6.-!A61!D%C-XC?!+&[&12!/.&)\-C-#!E#'$7J!O#$J!Q#))J!LG!*!VLKwVOK#!

$6XX%1!`#`#!TEFFWU!3X@C1C?&)!%-7CX&7C6.!6A!<16'.2!X67C6.H!&2(&.?%-!&.2!C--'%-#!I.H!816?%%2C.<-!6A!79%!

79C12!C.7%1.&7C6.&)!-\X@6-C'X!6A!79%!%AA%?7-!6A!-'1A&?%!<%6)6<\!6.!-%C-XC?!X67C6.*!:1%.6B)%*!

51&.?%*!8&@%1!=6#!>=L#!

$661%*!4#!&.2!:#!/7^C.-6.!TEFFLU#!:16'.2!Z67C6.!81%2C?7C6.!3Y'&7C6.-!A61!79%!/(%1&<%!+61C[6.7&)!

"6X@6.%.7!6A!8:/*!8:p*!&.2!JqS4&X@%2!8D/!&7!D@%?71&)!8%1C62-!B%7]%%.!F#FG!-!&.2!GF#F!-#!

3&179Y'&^%!D@%?71&*!EM*!OOwGKL#!

$661%*!4#!Z#*!3#!Z#!,96X@-6.*!&.2!+#!"&2%7!TEFGGU#!P%<C6.&)!?611%)&7C6.-!6A!pDKF!&.2!(%)6?C7C%-!

&(%1&<%2!6(%1!2%@79-!)%--!79&.!&.2!<1%&7%1!79&.!KF!X*!6>AAJ!E#'$7J!E*%J!47#*!GFG*!W*!KFMWSKFJO#!

"&'[[C!"#!&.2!3#!!5&??C6)C!TEFFLU#!$16&2B&.2!TF#FJ!76!EF-U!@1%2C?7C6.!6A!2C-@)&?%X%.7!1%-@6.-%!-@%?71&!

B&-%2!6.!]61)2]C2%!2C<C7&)!1%?612-#!`!D%C-X6)#*!26CHGF#GFFVi-GFOJFSFFLSOFOLS\#!

"3=*!3'16@%&.!"6XXC77%%!A61!D7&.2&12C[&7C6.!TEFFMU!3'16?62%!LH!2%-C<.!6A!-71'?7'1%-!A61!%&179Y'&^%!

1%-C-7&.?%|@&17!GH!<%.%1&)!1')%-*!-%C-XC?!&?7C6.-!&.2!1')%-!A61!B'C)2C.<-#!$1'N%))%-#!

"9%(167!D#*!Z#!D\)(&.2%1!&.2!$#!4%)6'C-!TEFGGU#!/!@1%)CXC.&1\!?&7&)6<!6A!X6X%.7!7%.-61-!A61!79%!

8\1%.%%-*!I#%)*+*(-N$'%$*!EKOSEJG#!

"9C6'*!$#!D#S`#!&.2!P#!P#!e6'.<-!TEFFLU#!/.!=:/!Z62%)!A61!79%!/(%1&<%!+61C[6.7&)!"6X@6.%.7!6A!8%&^!

:16'.2!Z67C6.!&.2!P%-@6.-%!D@%?71&*!3/&)-P>/5#!E(#%)&/*!EM*!GVKwEGJ#!

"9C6'!$#*!P#!e6'.<-*!=#!/B1&9&X-6.!&.2!>#!/226!TEFGFU#!:16'.2SZ67C6.!/77%.'&7C6.!Z62%)!A61!DX&))S ,6SZ62%1&7%!D9&))6]!"1'-7&)!3&179Y'&^%-!C.!"&)CA61.C&!&.2!C7-!IX@)C?&7C6.-!6.!P%<C6.&)C[&7C6.!6A!

:16'.2SZ67C6.!81%2C?7C6.!Z62%)-*!3/&)-P>/5#!E(#%)&/*!EW*!M*!@@#!OFVwOEW#!!